Shell has denied reports that it is in talks to acquire rival BP, following a Wall Street Journal article claiming the two companies are engaged in early-stage discussions.
"This is further market speculation. No talks are taking place," a Shell spokesperson told Argus, adding that the company remains focused on improving its own operations.
The Wall Street Journal report follows a Bloomberg article last month that said Shell had been evaluating the feasibility of acquiring its smaller rival.
Shell reiterated to Argus today that it is "sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification" — the same response it gave last month.
Shell chief executive Wael Sawan said in May that the company would prefer to continue buying back its own shares rather than pursue a major acquisition such as BP.
BP declined to comment.
