Royal Dutch Shell to Sell its Permian Business to ConocoPhillips (COP) for $9.5 Billion Cash
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Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc (NYSE: RDS-A), signed an agreement to sell its Permian business to ConocoPhillips (NYSE: COP) for $9.5 billion in cash, with $7 billion from the transaction proceeds expected to be used for funding further shareholder distributions, and the remainder to be used for additional strengthening of the balance sheet.
According to Wael Sawan, the Director of Upstream, the transaction, which is expected to close in Q4/21, emerged as a very compelling value proposition after reviewing multiple strategies and portfolio options for their Permian assets.
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