Shell Exits Permian With $9.5 Billion Texas Shale Sale to ConocoPhillips

Shell Exits Permian With $9.5 Billion Texas Shale Sale to ConocoPhillips
A Shell logo is seen at a gas station in Buenos Aires, Argentina, on March 12, 2018. Marcos Brindicci/Reuters
Reuters
Updated:

Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.

For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S. shale industry, as American and European producers diverge in whether to focus on hydrocarbons going forward.