ConocoPhillips captures Shell’s Permian portfolio

Houston-based firm swoops in to take the European major’s entire Delaware footprint and bolster its position in the basin

US ‘superindie’ ConocoPhillips is consolidating its position in the Lower 48’s most important shale play. The company’s decision to fork out $9.5bn on Shell’s entire Permian assets is the largest all-cash US upstream deal in over three years and comes just shy of a year since its absorption of Permian pure-play independent Concho Resources in a deal worth $13.3bn. Shell may have been slapped on the wrist by a Dutch court in May and ordered to cut its emissions by 45pc before the end of the decade. But ConocoPhillips is going about its business as normal, mopping up Lower 48 assets and expanding its Permian footprint regardless of any wider decarbonisation shift. The deal makes the US opera

Welcome to the PE Media Network

In 2021 Petroleum Economist is joined by Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry

Want to read more?

Please choose from one of the following options:

Already registered?
Click here to log in Subscribe now
to get full access to PE + HE + TE editorial and data Register now
to receive our newsletters and unlock up to three articles per month for free Any questions?
Contact us

Comments

{{ comment.comment.Name }} Editor • {{ comment.timeAgo }}

Also in this section

Beijing strives to balance security and decarbonisation

15 October 2021

The ongoing global energy crunch underlines the difficult task facing China’s leaders in balancing energy supply security while reaching net zero in the next 40 years

Occidental exits Ghana

15 October 2021

The US super-indie is divesting its assets in the country

Gran Tierra cranks up the gears

14 October 2021

Midstream takeaway has returned to normal in Colombia, paving the way for production growth opportunities