Shell Signs Agreement to Sell Permian Interest for $9.5B to ConocoPhillips

Source: www.gulfoilandgas.com 9/20/2021, Location: North America

Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s 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 volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions."

Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.

The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30% of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.

Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.


Australia >>  10/24/2021 - EIG, a leading institutional investor to the global energy and infrastructure sectors, today announced that it has entered into a definitive agreement...
Canada >>  10/24/2021 - QatarEnergy signed an agreement with ExxonMobil Canada to farm into an exploration license offshore the province of Newfoundland and Labrador in Canad...

United Kingdom >>  10/22/2021 - EnQuest PLC ("EnQuest") is pleased to announce that it has completed the acquisition ("Completion") of a 26.69% non-operated equity interest in the Go...
Morocco >>  10/21/2021 - Europa Oil & Gas (Holdings) plc, the AIM traded Ireland, Morocco and UK focused oil and gas exploration, development and production company, announces...

United States >>  10/21/2021 - Reabold is pleased to announce the signing of a conditional equity exchange agreement between Daybreak Oil and Gas Inc. ("Daybreak"), a US OTC traded ...
United States >>  10/21/2021 - The Board of Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW") is pleased to announce the contractual commitment of the following $49.0 million...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.