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THE HAGUE, Netherlands -- Royal Dutch Shell plc has no intention of splitting into two separate companies, its CEO, Peter Voser, told the Wall Street Journal.
Spinning off the refineries part of the business has been a popular approach taken by several of its competitors, including ConocoPhillips and Marathon Oil Corp. However, as Convenience Store News previously reported, Chevron also resisted the temptation to make such a move.
As for Shell, Voser told the newspaper he values the company's refineries as part of its overall business. He added that it gives Shell a leg up in developing its Canadian oil sands. If Shell were to split into two companies, "you have the risk that others will optimize the value chain," said Voser.
He told the Journal there is another benefit to remaining a single company: Shell has an advantage when courting government-owned oil companies, which experts say have strong access to oil reserves but little ability to extract it from the ground or market the products.
"For us to be the right partner to national oil companies, we have to be integrated," Voser said.