Energy & Environment

Shell Sells Off Its Oil And Gas Business In Texas’ Permian Basin, Seeking To Reduce Its Reliance On Fossil Fuels

Texas-based ConocoPhillips bought Shell’s Permian Basin assets for $9.5 billion, its second major purchase in the oil-rich area over the last year.

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A drilling rig at sunset operates on the north side of Midland.

Ryan Lance, ConocoPhillips chair and chief executive, called the Shell deal a "unique opportunity" in a news release announcing the acquisition. Lance also said "we are very excited to enhance our position in one of the best basins in the world with the addition of Shell's high-quality assets and talented workforce."

The Texas Tribune is a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.

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