Shell acquires ARC Resources for $16.4B, boosting Canadian oil output
In a significant move, Shell has decided to purchase Canadian oil and gas company ARC Resources for $16.4 billion. This transaction will enhance Shell's assets by approximately 370,000 barrels of oil equivalent in daily production and 2 billion barrels in reserves. The acquisition highlights Shell's ongoing commitment to fossil fuel investments, even amid growing pressures for a global shift towards alternative energy sources.
Key facts
- Shell acquires ARC Resources for $16.4 billion
- Deal adds 370,000 barrels of oil equivalent per day of production
- Adds 2 billion barrels of reserves
- ARC Resources is a Canadian oil and gas producer
Entities
Institutions
- Shell
- ARC Resources
Locations
- Canada
Sources
- Quartz —