Royal Dutch Shell Plc, Europe’s largest oil company, sold two gas assets in Wyoming and Louisiana for $2.1 billion plus additional shale acreage in Pennsylvania.
Shell sold its Pinedale asset in Wyoming to Ultra Petroleum Corp. for $925 million and 155,000 acres in Pennsylvania’s Marcellus and Utica shales, the Hague-based company said in a statement. In a second deal, Vine Oil & Gas LP and its partner Blackstone will buy Shell’s assets in the Haynesville area of Louisiana for $1.2 billion.
Shell CEO Ben Van Beurden, who took over from Peter Voser at the start of the year, is accelerating asset disposals to win investor support. He returned Shell’s operations to profit in the Americas this year, where the company has about $61 billion deployed in onshore tight and shale gas and oil projects.
“We continue to restructure and focus our North America shale oil and gas portfolio,” said Marvin Odum, Shell’s Upstream Americas director. “With this announcement we are adding highly attractive exploration acreage, where we have impressive well results in the Utica, and divesting our more mature, Pinedale and Haynesville dry gas positions.”
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