Posted by John Donovan: 14 Feb 24
In a jaw-dropping display of financial gymnastics, Shell, the beloved titan of environmental stewardship (wink, wink), has officially admitted to dropping a cool $14 billion on their Beaver County ethane cracker plant. That’s right, folks—more than double their initial fairy tale estimate of $6 billion. It seems someone at Shell’s been playing a little too fast and loose with the abacus.
Shell CEO Wael Sawan, possibly while polishing his crystal ball, shared this financial marvel during a recent earnings call. Sawan, who stepped into the CEO spotlight last year, presumably without a magician’s hat, stated, “The fundamental is making sure that the $14 billion so or so of capital employed in Shell Polymers Monaca are generating the return.” Ah, the sweet sound of optimism or delusion? You decide.
As if the plot couldn’t thicken any further, Sawan confessed that the plant, which started its comedic opera of mechanical mishaps from day one, won’t be belting out its full earnings aria until the 2025-26 season. But wait, there’s more! Out of the three polyethylene trains meant to serenade us with plastics, one decided to go off the rails due to “equipment issues,” delaying the grand finale of plastic production. read more
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