Sept. 23, 2021—Royal Dutch Shell on Monday sold its oil and gas business in the Permian Basin to ConocoPhillips for $9.5 billion.
Shell produces more than 175,000 barrels of oil a day at the basin in west Texas, but a report from News Channel 2 Houston says the company made the move to sell off as it faces pressure from investors and the public about climate change.
The acquisition makes ConocoPhillips one of the top producers in the basin now, ranking among other companies such as Chevron and Exxon Mobil. Last year, the company purchased Concho Resources, another basin driller, for $9.7 billion.
ConocoPhillips Chairman Ryan Lance called the deal a "unique opportunity" in a news release, adding the company is "very excited to enhance our position in one of the best basins in the world with the addition of Shell’s high-quality assets and talented workforce.”