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Shell announces $9.5 billion sale of West Texas oil field assets to ConocoPhillips
Posted on 9/20/21 at 5:39 pm
Posted on 9/20/21 at 5:39 pm
quote:
Oil giant Royal Dutch Shell announced Monday a deal to sell the entirety of its Permian Basin assets to ConocoPhillips.
ConocoPhillips is purchasing the West Texas business for $9.5 billion in cash, the companies said in a release release.
The assets span roughly 225,000 net acres with current production about 175,000 barrels per day, the statement said. The sale is set to close in the fourth quarter this year.
The deal would mark Shell’s complete withdrawal from onshore production in Texas. Shell will maintain its offshore production in Texas.
The move comes as the oil industry faces increasing pressure to invest in renewable energy and lower its carbon emissions in the face of a changing climate.
LINK
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Posted on 9/20/21 at 5:42 pm to ragincajun03
quote:In my seersucker suit’s jacket pocket.
$9.5 billion in cash
Posted on 9/20/21 at 5:43 pm to ragincajun03
Shell will hold onto their worldwide deep water assets and some natural gas plays for a while longer, but they are wanting to get out of oil and gas. Their European based overlords demand it
Posted on 9/20/21 at 5:44 pm to soccerfüt
BP's getting out of fossil fuel E&P, it appears. BHP appears to be making similar moves.
I'd imagine some of this cash is getting reinvested into "green" energy endeavors.
I'd imagine some of this cash is getting reinvested into "green" energy endeavors.
Posted on 9/20/21 at 5:44 pm to ragincajun03
“Would you like a receipt?”
Posted on 9/20/21 at 5:48 pm to ragincajun03
Cashing out while they have a chance. S4 is about to release fusion reactors to the public. (Insert black helicopter)
Posted on 9/20/21 at 6:03 pm to ragincajun03
Shell is clearly pivoting, but let’s see if their short term gambles pay off in the long term. Those in big O&G understand o&g isn’t going away anytime soon, but emission standards will force them to be more efficient. Only cash rich big O&G corporations will be able to survive more needless government overreach.
This post was edited on 9/20/21 at 6:07 pm
Posted on 9/20/21 at 6:08 pm to ragincajun03
frick Shell
Posted on 9/20/21 at 6:08 pm to ragincajun03
What a bad purchase….
Posted on 9/20/21 at 6:11 pm to Klark Kent
quote:
but let’s see if their short term gambles pay off in the long term.
They screwed the pooch big time with their timing and payment price of BG several years ago. Shareholders should have stoned some of the leadership for that frick up.
Posted on 9/20/21 at 6:16 pm to dukke v
how is it a stupid purchase? We are pumping well over 3 billion barrels of oil/year out of the Permian at nearly $65 a barrel. Permian is 55% of the US’s onshore oil production.
it’s a fricking fantastic purchase.
This post was edited on 9/20/21 at 6:18 pm
Posted on 9/20/21 at 6:37 pm to dukke v
quote:
What a bad purchase….
This will rival the Louisiana purchase now that peej has weighed in.
Posted on 9/20/21 at 6:42 pm to notiger1997
Shell is supposed make some big announcement for investments in La soon.
Posted on 9/20/21 at 6:42 pm to Swagga
quote:
This will rival the Louisiana purchase now that peej has weighed in.
500% ROI within three years.
Posted on 9/20/21 at 6:47 pm to dukke v
quote:
What a bad purchase….
frick YEAH!
I own a good bit of Conoco Phillips stock.
Posted on 9/20/21 at 6:49 pm to Cuz413
quote:
Shell is supposed make some big announcement for investments in La soon.
Sooo what’s the rumor?
I have been hearing a lot more of those Shell “Rhythm of Louisiana” commercials lately. Maybe they are getting ready for the PR campaign for tax breaks. Which I’m ok with
Posted on 9/20/21 at 6:53 pm to ragincajun03
CoP will likely flip this to a smaller US O&G entity after spending a little money to show the production potential. I'm not even sure what areas of the Permian Shell had assets.
Posted on 9/20/21 at 7:04 pm to ragincajun03
Are truck nuts transferable?
Posted on 9/20/21 at 7:23 pm to ragincajun03
I need to sell my rds stock.
This post was edited on 9/20/21 at 7:26 pm
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