The Wall Street Journal: Shell to sell Permian assets to ConocoPhillips in deal worth $9.5 billion

September 21
03:52 2021

Royal Dutch Shell PLC has agreed to sell all of its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips for around $ 9.5 billion in cash.

The deal, disclosed by both companies on Monday, comes as Shell RDS.A, -2.16% is attempting to cut its carbon emissions and invest more in renewable energy. The sale is one of the largest recent transactions in the shale patch as large oil companies come under increasing pressure to diversify outside of fossil fuels.