ConocoPhillips acquires Shell’s Permian Basin assets
HOUSTON, September 21, 2021 – Shell has agreed to sell off all its assets on the Permian Basin to ConocoPhillips for USD 9.5 billion, the buyer announced on Monday.
The deal would see ConocoPhillips acquire 911 square kilometres of assets in Texas that currently produce 175,000 boepd, including 966 kilometres of operated crude, gas and oil pipelines.
The transaction is expected to close in Q4 2021.
“Our financial strength allowed us to structure a competitive offer for this transaction and we are very excited to enhance our position in one of the best basins in the world with the addition of Shell’s high-quality assets and talented workforce,” said Ryan Lance, chairman and CEO of ConocoPhillips.