Shell announces $9.5 billion sale of West Texas oil field assets to ConocoPhillips

[wemay]

CNBC: Shell announces $9.5 billion sale of West Texas oil field assets to ConocoPhillips.

Shell announces $9.5 billion sale of West Texas oil field assets to ConocoPhillips

The move comes as the oil industry faces increasing pressure to invest in renewable energy and lower its carbon emissions in the face of a changing climate.

www.cnbc.com

"The deal would mark Shell's complete withdrawal from onshore production in Texas. Shell will maintain its offshore production in Texas."

 

[OVERKILL]

Wow, that's wild.

 

[Bjornviken]

EU putting pressure on Shell...

 

[vavavroom]

Sounds like a shell game.

 

[Snagglefoot]

While part of the story is Shell pulling out, the other half is Conoco Philips gong in. The 175,000 bbls/day is small change knowing the USA produces 11.4 million bbls per day. Unfortunately a number of employees will lose their jobs. Although Shell has the feel of an American company, the headquarters is still in Europe subject to EU rules and penalties and other “ you know what” type of stuff.

 

[Bjornviken]

While part of the story is Shell pulling out, the other half is Conoco Philips gong in. The 175,000 bbls/day is small change knowing the USA produces 11.4 million bbls per day. Unfortunately a number of employees will lose their jobs. Although Shell has the feel of an American company, the headquarters is still in Europe subject to EU rules and penalties and other “ you know what” type of stuff.

agree, Bmw and MB facing court too, reason for it... they havent reported when to stop making their last combustion engines. For MB it can be hard since they make diesel engines to military vehicles

 

[Snagglefoot]

The price of West Texas Intermediate is $72/ bbl. Let’s revisit this thread a year from now to determine which company got the better end of the deal.