ConocoPhillips completed the acquisition of the Permian business of Royal Dutch Shell for $9.5bn.

ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration, completed the acquisition of the Permian business of Royal Dutch Shell, an Anglo-Dutch multinational oil and gas company, for $9.5bn. “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. 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," Ryan Lance, ConocoPhillips Chairman and CEO.