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Shell sold shale assets to ConocoPhillips for $9.
5 billion
On September 20, Shell announced that it had agreed to sell all of its assets in the Permian Basin, a major U.
S.
shale oil-producing region, to ConocoPhillips for $9.
5 billion in cash, a deal that is still subject to regulatory approval and is expected to close
in the fourth quarter of this year.
Shell said cash proceeds from the deal will be used to distribute $7 billion to shareholders, further strengthen its balance sheet and use it for its "Energy Transition" plan
after the deal closes.
It is understood that the Permian Basin is the center of the U.
S.
shale industry, while Shell has 225,000 acres of shale development in the Permian Basin and currently produces about 175,000 barrels of oil equivalent per day, accounting for about 6%
of its total global oil and gas production last year.
ConocoPhillips expects these assets to produce about 200,000 barrels of oil equivalent per day by next year
.
