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Shell sells Permian Basin assets to ConocoPhillips

 Last Update: 2021-09-30
 Source: Internet
 Author: User

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According to news from Dow Jones on September 20, Royal Dutch Shell Group has agreed to sell all its assets in the Permian Basin, the most active oil field in the United States, to ConocoPhillips for approximately US$9.
5 billion in cash
.

The two companies disclosed this transaction at a time when Shell is trying to reduce carbon emissions and increase investment in renewable energy
.

The sale is one of the largest recent transactions in the aforementioned shale region, as large oil companies are facing increasing pressure to diversify beyond fossil fuels

ConocoPhillips said these assets are located entirely in Texas and include approximately 600 miles of oil, gas and water pipelines and other energy infrastructure
.

Wael Sawan, head of Shell's upstream business, said the company believes that it is more attractive to its shareholders to divest these assets than to acquire more assets to expand its business in the Permian Basin
.

Most of its employees in Midland, Texas, in the core area of the Permian Basin, and many in Houston, will join Houston-based ConocoPhillips

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