Home » Shell sells shale oil to Conoco for 9.5 billion, two thirds go to shareholders

Shell sells shale oil to Conoco for 9.5 billion, two thirds go to shareholders

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ServiceNo investments in renewables

The two companies decarbonise: greenhouse gas emissions go down. But the sale of the Permian basin does not serve to accelerate renewables

by Sissi Bellomo

Less oil, more dividends. Royal Dutch Shell, under pressure to decarbonise, sheds its assets in Permian shale oil, the most prolific basin in the United States, selling them to ConocoPhillips for $ 9.5 billion in cash. But with the proceeds – unlike other European companies, such as BP – it does not press the accelerator on clean energy: a good 7 billion will instead be redistributed to shareholders (in addition to coupons and buybacks already promised) while the rest will be used …

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