Shell Completes Sale of its Permian Business to ConocoPhillips
12.06.2021 By Ricardo Perez - NEWS

December 6, 2021 [PRnewswire] – Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has completed the sale of its interest in the Permian to ConocoPhillips for $9.5 billion in cash.

 

The agreement covers the sale of Shell’s 225k net acres and existing production of around 175 thousand barrels equivalent per day.

As noted in the announcement of the agreement for the sale of Shell’s Permian business, this deal reflects Shell’s focus on value over volumes as well as disciplined stewardship of capital. This transaction was made possible by the Permian team’s outstanding operational performance and provides excellent value to our shareholders through accelerated cash delivery and additional distributions.

As previously announced, the cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions with the remainder used for further strengthening of the balance sheet. The first tranche of additional shareholder distributions will be in the form of share buybacks of up to $1.5 billion and will commence on December 2, 2021. The form and timing for distributing the remaining $5.5 billion will be announced in early 2022. These distributions are in addition to our shareholder distributions in the range of 20-30% of cash flow from operations.

Click Here to Access a 7,000 Tank Terminal Database With a Pro Trial

7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Spark: Spot LNG Shipping Rates Climb to Almost $200,000 Per Day
09.23.2023 - NEWS
September 23, 2023 [LNG Prime]- Spot charter rates for the global liquefied natural gas (LNG) car... Read More
Sempra Gets FERC OK for Port Arthur LNG Expansion
09.23.2023 - NEWS
September 23, 2023 [LNG Prime]- LNG player Sempra Infrastructure, a unit of Sempra, won regulator... Read More
Oil Ends Week Lower as Demand Concerns Face Russia Supply Ban
09.23.2023 - NEWS
September 23, 2023 [Reuters]- Oil prices held steady on Friday but closed the week lower on profi... Read More
TransMontaigne Appoints Randal Maffett as Chief Executive Officer
09.23.2023 - NEWS
September 23, 2023 [Businesswire]- TransMontaigne Partners LLC (“TransMontaigne” or the “C... Read More