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


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

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.

The Wall Street Journal reported earlier Monday that such a transaction was imminent.

Shell said $7 billion of the proceeds will be returned to shareholders, while it will use the remainder to shore up its balance sheet. The European oil giant had acquired the bulk of its Permian assets in 2012 from Chesapeake Energy Corp. 

for about $1.9 billion.


said the assets, entirely in Texas, included about 600 miles of oil, natural-gas and water pipelines and other energy infrastructure. It declined to comment further on the deal Monday.

An expanded version of this report appears on

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