This announcement contains forward-looking statements (within the meaning of the U.S. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. These terms are also used where no useful purpose is served by identifying the particular entity or entities. Likewise, the words "we", "us" and "our" are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. In this announcement "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. Shell is also investing in an integrated power business that will provide electricity to millions of homes and businesses. portfolio of operated companies and interests consists of oil, natural gas, petrochemicals, gasoline, lubricants, and other refined products along with renewables such as wind, solar, and mobility options like electric vehicle charging and hydrogen. Shell is one of America's leading energy companies with interests in 50 states employing more than 15,000 people.Majority of Midland-based Permian employees and many Houston-based employees were offered employment by ConocoPhillips with effect upon closing in accordance with the terms and conditions of the transaction.The transaction resulted in an after-tax gain of $2.4 to $2.6 billion after adjustments.On September 20, 2021, Shell and ConocoPhillips announced that they had reached an agreement for ConocoPhillips to acquire Shell's Permian business.These distributions are in addition to our shareholder distributions in the range of 20-30% of cash flow from operations. The first tranche of additional shareholder distributions will be in the form of share buybacks of up to $1.5 billion and will commence on December 2, 2021. The form and timing for distributing the remaining $5.5 billion will be announced in early 2022.
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The agreement covers the sale of Shell's 225k net acres and existing production of around 175 thousand barrels equivalent per day.Īs noted in the announcement of the agreement for the sale of Shell's Permian business, this deal reflects Shell's focus on value over volumes as well as disciplined stewardship of capital. This transaction was made possible by the Permian team's outstanding operational performance and provides excellent value to our shareholders through accelerated cash delivery and additional distributions.Īs previously announced, the cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions with the remainder used for further strengthening of the balance sheet.
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Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has completed the sale of its interest in the Permian to ConocoPhillips for $9.5 billion in cash.