Royal Dutch Shell Plc, London, (NYSE: RDS.A) plans to acquire the minority interest in Shell Canada Ltd., Calgary, (Toronto: SHC) for C$40 per share in a deal valued at approximately C$7.7 billion. Shell Canada is the third-largest producer in Canada's oil sands and plans to further expand production and upgrading capacity. Production is approximately 68,000 barrels of bitumen and 521 million cubic feet of gas per day. The E&P segment operates four sour natural gas processing facilities in the Foothills area of Alberta and a number of sour gas wells in northeast British Columbia and has a 31.3% share of the Sable Offshore Energy Project offshore Nova Scotia, partnership in the proposed Mackenzie Gas Project in northern Canada with a planned 1,200-kilometer pipeline and an exploration interest in the Orphan Basin offshore Newfoundland.
Recommended Reading
PropFlow Names David Ward as CEO
2024-05-13 - As CEO, David Ward will lead and build out PropFlow’s operations of eliminating debris from proppant at well sites in the Permian Basin and other plays.
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.