Shell is countering reports of a potential merger with BP.
HOUSTON — Shell PLC (NYSE: SHEL) has denied reports that it is in preliminary talks to acquire fellow energy giant London-based BP PLC (NYSE: BP).
Both companies have their U.S. headquarters in Houston, and together they have well over 10,000 employees in the area.
The Wall Street Journal initially reported on June 25, citing sources familiar with the matter, that Shell was holding early talks to acquire BP. Speculation that Shell and BP could merge started after supermajors Spring-based Exxon Mobil Corp. (NYSE: XOM) and Houston-based Chevron Corp. (NYSE: CVX) announced massive acquisitions at the end of 2023, but the rumors have grown as BP faces pressure from activist investor Elliott Investment Management LP to change.
This year, BP launched a “reset” strategy with plans to pare back renewable investments and divest $20 billion in assets. The company also said it plans to cut roughly 5% of its global workforce as part of companywide simplification programs.
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