HOUSTON – ConocoPhillips has purchased 225,000 net acres in the Permian Basin from Royal Dutch Shell for $9.5 billion.
The purchase also includes 600 miles of associated infrastructure.
The deal marks Shell’s exit from the largest U.S. oilfield to focus on clean energy.
ConocoPhillips already owned 750,000 net acres in the Permian.
Get more industrial news on the Texas Real Estate Research Center’s website:
Source: Connect CRE