ConocoPhillips completes $9.5B Permian asset acquisition from Shell, effective July 1

CONOCOPHILLIPS

Base purchase price $9.5B cash; after closing adjustments, cash paid ~$8.6B.
Acquired ~225,000 net acres and over 600 miles of pipelines in Texas Permian Basin.
Expected 2022 production from assets ~200 MBOED, roughly half operated.
Effective date July 1, 2021; acquisition closed December 1, 2021.
CEO Ryan Lance says deal meets cost of supply framework and improves 10-year plan.

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