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Friday, March 31, 2023

Chevron (NYSE: CVX) Intends to Buy Shell Oil Refinery in Pacific Northwest

Chevron Corporation (NYSE: CVX) is intending to acquire a Royal Dutch Shell Plc refinery in the US Pacific Northwest refinery. It has been disclosed that Shell has been planning to sell its 145,000 barrel-per-day (bpd) Puget Sound refinery in Anacortes, Washington, for at least a year.

Chevron has not provided any information regarding its plan. It is not clear yet whether the news is merely a market rumor or speculation. CVX has been an active buyer. It paid $4.1 billion for oil and gas producer Noble Energy last year and three years ago purchased a 112,229-bpd Texas refinery for about $350 million.

Shares of Chevron Corporation went up 2.29% at +2.41 during the trading session of Friday. Chevron Corporation’s (NYSE: CVX) share price went from a low point around $65.16 to briefly over $112.70 in the past 52 weeks, though shares have since pulled back to $107.48. CVX’s market cap has remained high, hitting $208.53 billion at the time of writing.

Shell has been decreasing its coverage to refining and last October said it would drop its global refining portfolio from 14 to six sites. The leftover plants will generate both fuels and high-value chemicals.

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