Shell’s Texas assets Sale is biggest recent transaction

Royal Dutch Shell said it was selling off all oil and gas assets in Texas’s Permian Basin for USD 9.5 billion in cash. The buyer is ConocoPhillips.

The sale deal covers the net of 225000 acres of land in the Permian, accounting for the production of 175,000 barrels of fuel per day.

A Shell executive told the Wall Street Journal that its employees in the Permian would join ConocoPhillips. After the sale is implemented, Shell will have no remaining presence in onshore production in the Permian.

Shell’s announcement did not mention climate or energy related plans, however, the sale comes as major oil companies encounter increasing pressure and scrutiny from climate activists and the public concerning plans to cut down carbon dioxide emissions.