Deal Description: ConocoPhillips (NYSE: COP) announced a complementary, highly accretive acquisition of Shell Enterprises LLC’s prolific Delaware basin position for $9.5 billion in cash. The assets include ~225,000 net acres and producing properties located entirely in Texas, as well as over 600 miles of operated crude, gas and water pipelines and infrastructure. Estimated 2022 production from these assets is expected to be approximately 200 MBOED, roughly half of which is operated.
This acquisition is one of several actions that ConocoPhillips announced in furtherance of its multi-year plan.
Baker Botts represented ConocoPhillips in connection with the acquisition of Shell’s assets.
ConocoPhillips’ press release can be found here.
Baker Botts Lawyers/Offices Involved:
Environmental: Aileen Hooks (Partner, Austin)
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