Royal Dutch Shell to Sell its Permian Business to ConocoPhillips (COP) for $9.5 Billion Cash

September 20, 2021 5:59 PM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

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.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Mergers and Acquisitions