Shell sells Permian business to ConocoPhillips

Shell has reached an agreement for the sale of its Permian business to ConocoPhillips for $9.5bn.

The transaction will transfer all of Shell’s interest in the Permian Basin to ConocoPhillips, including around 225,000 net acres as well as over 600 miles of associated infrastructure. ConocoPhillips has an existing portfolio of 750,000 net acres in the region.