ConocoPhillips Cements Role in Permian Basin with Purchase of Shell's Production Assets

SUGAR LAND--September 22, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Shell Enterprises LLC, a U.S.-based subsidiary of Royal Dutch Shell plc (NYSE:RDS.A) (The Hague, Netherlands), announced earlier this week it had agreed to sell its business in the Permian Basin to ConocoPhillips (NYSE:COP) (Houston, Texas), already a leading developer in the area, for $9.5 billion in cash. Industrial Info is tracking more than $13.6 billion worth of Oil & Gas Production projects in the Permian Basin, as well as 19 plants in the area that are owned or co-owned by Shell, Chevron or their subsidiaries. Within this article: Details on how ConocoPhillips is bolstering its presence in the Permian and where Shell plans to shift its efforts following the sale.