Shell has agreed to buy Canadian shale producer ARC Resources for $16.4bn, in a deal that would be the oil major’s biggest since it bought BG Group a decade ago.
Shell said it would pay $13.6bn, three-quarters in shares, and assume $2.8bn in debt for Calgary-based ARC. The deal values ARC at a 20 per cent premium to its recent share price, which has been flat in 2026 but more than tripled over the past five years.
The deal will add about 370,000 barrels a day of oil and gas to Shell’s production, helping boost its production growth rate as it deals with investors’ questions about the company’s prospects.
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