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Jonathan Billinger
The company has announced that it will sell all of its assets in the region to US-based ConocoPhillips. The deal, valued at $9.5 billion, will be paid entirely in cash. After its completion, scheduled for the fourth quarter of 2021, Shell will spend $7 billion on dividend payments to shareholders.
Shell's intention to sell its assets in the Perm basin was announced back in June of this year. The question is about 105 hectares of company-owned fields, located mostly in Texas.
On the one hand, selling these assets would help Shell to concentrate on its most profitable oil and gas assets (first of all, on production in the Gulf of Mexico, where the Dutch company is the largest operator) and, on the other hand, to make its operations more environmentally friendly and reduce harmful emissions, which the regulators demand from the company. At the end of May, the Dutch court ordered Shell to halve its emissions.
This is the second major purchase for ConocoPhillips in the last year. In October 2020, the US company announced its acquisition of shale oil producer Concho Resources. This purchase cost ConocoPhillips $9.7 billion.
source: reuters.com
Shell's intention to sell its assets in the Perm basin was announced back in June of this year. The question is about 105 hectares of company-owned fields, located mostly in Texas.
On the one hand, selling these assets would help Shell to concentrate on its most profitable oil and gas assets (first of all, on production in the Gulf of Mexico, where the Dutch company is the largest operator) and, on the other hand, to make its operations more environmentally friendly and reduce harmful emissions, which the regulators demand from the company. At the end of May, the Dutch court ordered Shell to halve its emissions.
This is the second major purchase for ConocoPhillips in the last year. In October 2020, the US company announced its acquisition of shale oil producer Concho Resources. This purchase cost ConocoPhillips $9.7 billion.
source: reuters.com
