Shell signed an underwriting agreement for the sale of its entire stake of 97.6 million shares in Canadian Natural, the company said in a statement.
Last June, Shell had reported a stake of 8% in Canadian Natural.
Shell decided to offload the roughly C$4.1 billion (US$3.18 billion) stake in Canadian Natural Resources that it acquired as part of a deal to retreat from Canada's oil sands, people familiar with the situation had told Reuters nearly a year ago.
The deal between the two companies was earlier reported by the Globe and Mail.
The underwriting group includes Goldman Sachs & Co., RBC Capital Markets, Scotiabank and TD Securities. (US$1 = C$1.2888)
As public E&Ps promise capital discipline and slow or no growth through 2021, an unexpected and potentially price-busting trend is developing behind the scenes. Could private oil and gas producers ruin it for everyone?
Houston-based EOG Resources is focusing on so-called “double premium” wells that yield a 60% direct after-tax rate of return at $40/bbl WTI and $2.50 Henry Hub.
The rollback effort made by the administration of former President Donald Trump was among a string of eleventh-hour proposals aimed at maximizing energy development on public lands and waters.