Shell sells to ConocoPhillips all assets in the Permian Basin, the most active oil field in the United States. Transaction value: approx $9,5 billion in cash.
The agreement - announced by the two groups - is part of Shell's strategy aimed at reduce carbon emissions to increase investment in renewable energy.
The operation is one of the most significant in recent years in the sector and should be read in the light of the growing pressures to which the large oil companies are subjected to diversify their activities outside of fossil fuels.
In the note announcing the agreement on the sale, Shell states that a considerable portion of the proceeds – ben 7 billion dollars – will be returned to the shareholders. The remainder will instead be used to support the budget.
The European oil giant had acquired most of its assets in the Permian Basin nine years ago, in 2012, pouring about 1,9 billion dollars into the coffers of Chesapeake Energy.
ConocoPhillips adds that operations, all located in Texas, include approx 600 miles of infrastructure between oil pipelines, gas pipelines, aqueducts and more.
