
Key Signals
→ Signal Fragmentation
Shell and BP are unbundling refining from retail in non-obvious regions.
→ Portfolio Tilt
Downstream CapEx fell 28% in 12 months while upstream surged.
→ Strategic Fallout
Lyondell’s Baton Rouge exit is sending early signals to logistics operators and suppliers.
THIS BRIEF IS BUILT FOR
• M&A teams
• Corporate development leads
• Energy operators
• Strategic growth advisors
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