News Releases

ConocoPhillips Announces Completion of $9.5 Billion Permian Asset Acquisition


Deal Description: ConocoPhillips (NYSE: COP) announced that it has completed its acquisition of Shell Enterprises LLC’s prolific Delaware basin position for $9.5 billion in cash. After customary closing adjustments, cash paid for the acquisition is approximately $8.6 billion, with an effective date of July 1, 2021. 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.

Baker Botts L.L.P. represented ConocoPhillips in this transaction.

The company’s press release can be found here.

Baker Botts Lawyers/Offices Involved:

Global ProjectsCraig Vogelsang (Partner, Houston), Luke Burns (Special Counsel, Houston), Megan Young (Associate, Houston)

CorporateCarina Antweil (Partner, Houston), Jim Prince (Partner, Dallas), Larry Hall (Partner, Dallas), Michael Portillo (Senior Associate, Austin)

TaxJon Lobb (Partner, Houston), Matthew Larsen (Partner, Dallas), Derek Green (Partner, Houston), Jordan Hahn (Senior Associate, Dallas)

EnvironmentalAileen Hooks (Partner, Austin)

EmploymentJason Loden (Partner, Dallas), Jennifer Trulock (Partner, Dallas)

AntitrustPaul Cuomo (Partner, Washington, D.C.), Michael Bodosky (Special Counsel, Washington, D.C.)

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