Royal Dutch Shell announced the deal Sept. 20 to sell its assets in the Delaware sub-basin on the western side of the Permian which spans from southeast New Mexico to West Texas to ConocoPhillips. 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 . Buy. Royal Dutch Shell ( RDS.A, RDS.B) agrees to sell its Permian Basin assets to ConocoPhillips (NYSE: COP) for ~$9.5B, confirming an earlier report from the Wall Street Journal. Assigned projects are typically based in Houston, Texas, Midland, Texas or Anchorage, Alaska. ConocoPhillips and its heritage companies have operated in the Permian Basin for almost 100 years. The producing assets are located in the Permian's Central Basin Platform and Northwest Shelf areas, spanning roughly 144,500 net acres (585 square km) across Texas' Andrews and Ector counties and New Mexico's Eddy and Lea counties. . It would come on the heels of ConocoPhillips becoming one of the basin's biggest producers with its $9.5 billion acquisition of Royal Dutch Shell Plc's Permian operations, which was completed in December. Anglo-Dutch supermajor Shell has agreed to sell all of its assets in the prolific Permian basin to US independent ConocoPhillips for $9.5 billion in cash. ConocoPhillips is considering selling its gas-producing assets in the Anadarko basin of North Texas and Western Oklahoma, in the US, reported Reuters, citing two sources. ConocoPhillips Reports First-Quarter 2022 Results; Announces Increase in Planned 2022 Return of Capital to $10 Billion and Declares Quarterly Dividend and Variable Return of Cash Distribution. HOUSTON — Royal Dutch Shell sold its oil and gas production in the Permian Basin, the biggest American oil field, to ConocoPhillips for $9.5 billion in cash on Monday. Royal Dutch Shell (RDS.A ) announced on Monday that it would be departing the Permian Basin, pending regulatory approval of a sale of the firm's regional assets to ConocoPhillips (COP ).. Alix Steel reports. For ConocoPhillips, which also acquired Permian producer Concho Resources for $13.3 billion last October, the outlook is obvious: The Permian Basin is the future, at least in the U.S. Shell's Permian portfolio will position ConocoPhillips alongside the very largest Permian operators with more than 600,000 boe/d, based on the Q2 output figures of both companies. Sep 20, 2021 Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. Its U.S. Output Now Mostly Offshore. ConocoPhillips expects Shell's Permian operation to average about 200,000 boe/d of output alone in 2022. Sep 23, 2021 1:41PM EDT Royal Dutch Shell plc (RDS.A) recently announced an agreement to sell all its assets in the Permian, the most prolific basin in the United States, to competitor. THE HAGUE, NETHERLANDS: Shell Enterprises LLC, a subsidiary of Royal Dutch Shell Plc, said it has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. More Financials. ConocoPhillips Co. is reportedly considering the sale of assets worth more than $1 billion in the Permian Basin where the Houston-based independent recently made two megadeals within the past year. Credit: ConocoPhillips Company. The Niobrara assets are located in the southern Denver-Julesburg Basin. There is still time to register your company if you… Liked by Oscar Aguilar ConocoPhillips is marketing its Williston Basin oil assets for a potential sale, according to people with knowledge of the matter. The $9.5 billion sale comes as the oil industry faces scrutiny from congress around its role in the climate crisis and as West Texas continues to recover from a historic . ConocoPhillips COP announced an agreement to purchase all Royal Dutch Shell plc's (RDS.A) assets in the Permian, the most prolific basin in the United States.The cash transaction is valued at $9 . Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 . Mean consensus: BUY: Number of Analysts: 27: Last Close Price: 95,52 $ Average target price: 122,80 $ Spread . The Permian saw significant growth in 2021 with the acquisition of Concho Resources Inc. in January 2021 and the addition of Shell's Permian acreage in December 2021. The transaction will transfer all of Shell's interest in the Permian to ConocoPhillips, subject to regulatory . =>Get Your Risk-Free Trial […] Royal Dutch Shell PLC has agreed to sell all of its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips for around $9.5 billion in cash. Output mix is 50% crude oil Permian Growth Progresses Lower 48 production averaged 967,000 boe/d in 1Q2022, with around 66% from the Permian Basin. 3/30/2022 - ConocoPhillips was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating. . ConocoPhillips raised its asset sale target 80% to between $4 billion and $5 billion by 2023 after the Shell deal was announced. Here's the . Who owns Permian Basin? Transaction Details: Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips for $8.6 billion in cash (adjusted from $9.5 billion prior to closing). The effective date of the transaction is 1 July, with closing expected in Q4 2021. Royal Dutch Shell PLC has agreed to sell all of its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips for around $9.5 billion in cash. The assets are located in Texas and are spread over a total of 2,25,000 net acres in the Delaware Basin. Royal Dutch Shell has agreed to sell its business in the Permian Basin, the biggest oilfield in the US, to rival ConocoPhillips for $9.5bn in cash. The deal, disclosed by both . The deal, disclosed by both. "Production has come on quicker in the Permian Basin because the rigs were ramped up a lot faster than we would have thought maybe a year or a year and a half ago," he said. Ryan Lance, ConocoPhillips CEO, is shown in this 2018 file photo. ConocoPhillips Co. is reportedly considering the sale of assets worth more than $1 billion in the Permian Basin where the Houston-based independent recently made two megadeals within the past year. In an email,. American multinational energy company ConocoPhillips has completed the sale of two oil assets in the Permian Basin and the southern Denver-Julesburg (DJ) Basin. ConocoPhillips agreed to acquire Royal Dutch Shell Plc's Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch. Who owns Permian Basin? 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. The transaction will transfer all of Shell's interest in the Permian to ConocoPhillips, subject to regulatory approvals. HOUSTON, September 21, 2021 - Shell has agreed to sell off all its assets on the Permian Basin to ConocoPhillips for USD 9.5 billion, the buyer announced on Monday. The remaining share of Lower 48 output chiefly came from the Eagle Ford and . For Shell, getting out of its holdings in the biggest onshore US oil play was based on "our focus on value over volumes.". According to documents seen by the news agency, the shale oil producer is working with an undisclosed adviser for the potential gas assets sale. Thank you to our sponsors thus far of the UT Permian Basin Engineering Internship Career Fair! At year-end, the company held approximately 1.5 million net acres in the . The Permian saw significant growth in 2021 with the acquisition of Concho Resources Inc. in January 2021 and the addition of Shell's Permian acreage in December 2021. ConocoPhillips' assets averaged more than 11,000 boe/d (50% oil) from the Central Basin Platform and Northwest Shelf of the Permian Basin during September 2021. The deal would transfer Shell's . The sale is netting a substantial $9.5 billion cash payout for Shell; $7 billion of said payout will go to shareholders (more than likely through stock buybacks), while the remainder will stay in the company . Shell has agreed to sell all its interests in the Southwest US Permian Basin to ConocoPhillips for $9.5bn in cash in a move that sees it exit a key US oil producing area. The Global Wells and Global Projects Engineering internship assignments will be in person only and located in Houston, Texas or Midland, Texas. Kiel Porter, Dinesh Nair and David Wethe 7/30/2021. He said selling noncore assets like holdings in the Central Basin Platform and Northwest Shelf to companies like Maverick Natural . Shell plans to use the proceeds . Royal Dutch Shell Plc. Texas-based ConocoPhillips bought Shell's Permian Basin assets for $9.5 billion, its second major purchase in the oil-rich area over the last year. ConocoPhillips has lagged behind its rivals in building a footprint in the Permian Basin, but Concho's assets comprise one of the premier positions in the region, Andrew Dittmar, senior M&A analyst for Enverus, told the Houston Business Journal.ConocoPhillips' lack of a Permian presence is partly just bad luck — a lot of the operators with large positions in the region only have those . For ConocoPhillips, it is the second sizable acquisition in a year in the heart of . Sept 23 (Reuters) - ConocoPhillips (COP.N) is offering to sell about $500 million in conventional oil and gas properties in the top U.S. oil basin, according to a marketing document seen by. Royal Dutch Shell, through its subsidiary Shell Enterprises, has agreed to divest its assets in the Permian Basin, US, to ConocoPhillips in an all-cash deal worth $9.5bn. Media Resources. 3/24/2022 - ConocoPhillips had its price target raised by analysts at . 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. Sell. Houston − Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. the heart of the Permian region, was selling at a discount of almost . The all-cash . At year-end, the company held approximately 1.5 million net acres in the . 3/30/2022 - ConocoPhillips was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating. Consensus. Shell Enterprises, a subsidiary of Royal Dutch Shell, has signed an all-cash deal worth $9.5 billion to sell its assets in the US-based Permian Basin to ConocoPhillips. Royal Dutch Shell reached an agreement to sell its Permian Basin business to ConocoPhillips, a leading shale developer in the area for $9.5 billion in cash, Shell Enterprises, a subsidiary of the . As anticipated, ConocoPhillips COP -0.5% announced Monday morning that it has agreed to a deal to acquire big independent Permian Basin producer Concho Resources in an all-stock . Jan 30, 2022 ConocoPhillips (NYSE: COP) has reached a deal to sell some of its Permian Basin assets to another Houston-based company about four months after announcing plans to pay $9.5 billion for. The cash . Maverick Natural Resources ("Maverick") announced today that it has entered into a definitive agreement to acquire certain producing properties in the Permian Basin from ConocoPhillips for a . The deal would see ConocoPhillips acquire 911 square kilometres of assets in Texas that currently produce 175,000 boepd, including 966 kilometres of operated crude, gas and oil pipelines. 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