Shell exits Permian with $9.5 billion Texas shale sale to ConocoPhillips

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Go back to Shell exits Permian with $9.5 billion Texas shale sale to ConocoPhillips

ConocoPhillips (COP) Acquires Permian interest From Shell For $9.5B

September 20, 2021 4:37 PM EDT

Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips (NYSE: COP), a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shells interest in the Permian to ConocoPhillips, subject to regulatory approvals.

"After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition," said Wael Sawan, Upstream Director. "This decision once again reflects our focus on value over... More