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ConocoPhillips completes $9.5B acquisition of Shell's Permian business

·3 min read
ConocoPhillips completes $9.5B acquisition of Shell's Permian business
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“This deal was justified on three key merits: it meets our rigorous cost of supply framework, we see a way to drive efficiencies from the assets, and the transaction makes our 10-year plan better,” said Ryan Lance, chairman and CEO of ConocoPhillips. “We believe the addition of these high-quality assets improves our underlying business drivers, expands our cash from operations, enhances our ability to deliver higher returns on and of capital, and lowers our average GHG intensity.”