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
Permian interests to ConocoPhillips
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.
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