ConocoPhillips Buying Shell Permian Assets for $9.5 Billion

Shell is nearing a deal to sell its Permian Basin assets to ConocoPhillips for $9.5 billion. This move is part of Shell's strategy to shift its business model under pressure to reduce emissions and focus on becoming a power company. The sale follows Shell's previous divestment of its oil sands project in Canada. Potential bidders included Conoco, Devin, and Chevron, with Chevron having made a significant acquisition of Noble. Shell's decision is influenced by a Dutch court ruling and the broader trend among European oil majors to adapt to changing environmental expectations.

What is the significance of Shell's deal to sell its assets?

Evaluate responses using AI:

OFF

How much did Shell's oil sands project in Canada sell for?

Evaluate responses using AI:

OFF

What are the potential bidders mentioned for Shell's assets?

Evaluate responses using AI:

OFF

Why is Shell under pressure to change its business model?

Evaluate responses using AI:

OFF

What was the outcome of the Dutch court ruling that affected Shell?

Evaluate responses using AI:

OFF