Royal Dutch Shell Plc grabbed headlines on Sept. 20 with the European supermajor’s exit from U.S. shale through the divestiture of its Permian Basin business.

However, despite the significance of the deal for Shell’s energy transition strategy, the true winner of the $9.5 billion cash transaction, according to Enverus’ Andrew Dittmar, was the patience of the buyer—Houston-based ConocoPhillips Co.

“After waiting patiently on M&A opportunities through the land-rush years of the shale boom, Conoco has been able to pick up prime Permian real estate at what looks to be attractive price points,” said Andrew Dittmar, senior M&A analyst at the firm.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access