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ConocoPhillips to buy Shell Permian assets for USD 9.5 Billion

ConocoPhillips agreed to acquire Royal Dutch Shell Plc's Permian Basin assets for USD 9.5 billion in cash, accelerating the consolidation of the largest US oil patch.

Photo: Angus Mordant/Reuters/Ritzau Scanpix

The deal will give ConocoPhillips additional daily production in 2022 of about 200,000 barrels of oil equivalent, it said Monday in a statement. That will make the Houston-based company one of the Permian's biggest producers, rivaling Pioneer Natural Resources Co. and Chevron Corp. in terms of crude output.

The Permian, which straddles West Texas and New Mexico, is the world’s busiest shale patch and accounts for nearly half the current activity in US oil fields. ConocoPhillips already boosted its footprint there earlier this year when it took over independent producer Concho Resources Inc. for about USD 13 billion.

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