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Illustration: Rebecca Zisser/Axios

Shell is closing down its refinery in Convent, Louisiana, after failing to find a buyer for the plant that processes over 200,000 barrels of oil per day, the company said Thursday.

Why it matters: Most signs of Big Oil's climate plans have involved acquisitions and venture deals around renewables, batteries and other tech, but this move shows how the plans will also involve shedding assets in various parts of their business.

  • Shell said the move is partly a result of its long-term plans to transition its portfolio to lower-carbon sources as it aims for "net-zero" emissions by 2050.
  • Shell cited its strategy to invest in a "core set of uniquely integrated manufacturing sites that are also strategically positioned for the transition to a low-carbon future."

Yes, but: All that said I don't want to overstate the climate angle in what's mostly a market story as the industry grapples with COVID-19.

  • "Refineries have come under increasing financial pressure worldwide, as fuel demand has dropped during the coronavirus pandemic," the Houston Chronicle notes.
  • Per Reuters, it's the ninth North American refinery slated for shutdown or idling since the pandemic began.

What's next: The shutdown process at the plant, which employs 675 people, will begin later this month, Shell said.

Go deeper

Ben Geman, author of Generate
Jan 28, 2021 - Energy & Environment

GM plans to end sales of gasoline powered cars by 2035

GM CEO Mary Barra at the GM Orion Assembly Plant plant for electric and self-driving vehicles in Michigan. Photo: Bill Pugliano/Getty Images

General Motors is setting a worldwide target to end sales of gasoline and diesel powered cars, pickups and SUVs by 2035, the automaker said Thursday.

Why it matters: GM's plan marks one of the auto industry's most aggressive steps to transform their portfolio to electric models that currently represent a tiny fraction of overall sales.

48 mins ago - Technology

Twitter to label COVID-19 vaccine misinformation, implement strike policy

Photo: Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Twitter announced Monday that it will label tweets with potentially misleading information about COVID-19 vaccines, and introduce a strike system that can lead to permanent account suspension.

The big picture: Tech companies are taking an increasingly aggressive stance against users who attempt to share misleading information about COVID-19 vaccines on their platforms.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Trump, Melania received COVID vaccine at White House in January — CDC director warns "now is not the time" to lift COVID restrictions.
  2. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals Most states aren't prioritizing prisons for COVID vaccines — Vaccine hesitancy is shrinking.
  3. Economy: Apple says all U.S. stores open for the first time since start of pandemic — What's really going on with the labor market.
  4. Sports: Poll weighs impact of athlete vaccination.
  5. World: Italy tightens restrictions as experts warn of growing prevalence of variants — PA announces new COVID restrictions as cases surge.
  6. Local: Colorado sets timeline for return to normalcy.

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