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Conoco-Shell Deal Shows Split Between U.S. and European Oil

·2 min read
Conoco-Shell Deal Shows Split Between U.S. and European Oil
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European and American oil companies are taking very different approaches to the future of energy. ConocoPhillips (ticker: COP) has made one of the largest deals in energy in the past year, agreeing to buy Royal Dutch Shell ‘s (RDS.B) assets in the Permian Basin for $9.5 billion in cash. Conoco is obtaining roughly 225,000 acres and producing properties in Texas and more than 600 miles of operated crude oil, gas, and water pipelines and infrastructure.