News

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

0

Royal Dutch Shell PLC on Monday announced a deal to sell its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips for $9.5 billion.

The all-cash transaction will transfer all of Shell’s
RDS.A,
-2.16%

Permian interests to ConocoPhillips
COP,
-3.14%
,
subject to regulatory approvals, and 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.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Pfizer, BioNTech say COVID-19 vaccine is safe for children aged 5 to 11.

The Facebook Files: A Wall Street Journal investigation.

Mark Hulbert: One hopeful sign for stocks: S&P 500 is below its 50-day moving average

Previous article

Market Snapshot: Dow books worst day in 9 weeks as debt woes for China’s Evergrande rattle stock market

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News