Shell leaves largest US oil field for billions

Shell leaves largest US oil field for billions

Shell oil and gas company sells all its assets in the largest US oil field to competitor ConocoPhillips. The deal will bring the Anglo-Dutch company $9.5 billion. This amounts to more than 8 billion euros.

Shell had long been looking for buyers for its assets in the oil and gas-rich Permian Basin, which is located in western Texas and southeastern New Mexico. The area is known for its shale mining.

In a press release, Wael Sawan, Shell’s director of oil and gas exploration and production, described the deal with ConocoPhillips as “very convincing”, which is in line with the company’s “preferred value over volume” rate. The money will be partly distributed to shareholders and partly used to strengthen the balance sheet.

In the press release, Shell emphasized supplying energy to American customers for more than a hundred years and the company also wants to remain a leader in the country “in the coming decades”.

Shell leaves largest US oil field for billions
Source link Shell leaves largest US oil field for billions

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