Royal Dutch Shell announced yesterday that it would be selling its Permian Basin assets to ConocoPhillips. The sale will be $9.5 billion in cash as Shell shifts its focuses to clean energy.
Shell is under pressure from investors, like many of the world’s largest oil companies, to reduce fossil-fuel investments.
Companies such as Shell are setting targets to slowly move away from crude production while investing in energy sources such as wind and solar.
ConocoPhillips will acquire around 225,000 net acres as well as more than 600 miles of infrastructure.
This deal leaves most of Shell’s U.S. oil and gas production in offshore Gulf of Mexico.
Source: Reuters.com, “Shell exits Permian with $9.5 bln Texas shale sale to ConocoPhillips,” by David French and Jessica Resnick-ault, September 21, 2021