Shell has agreed to buy Canadian producer ARC Resources in a $16.4 billion deal, in its biggest acquisition since the 2016 BG purchase. The deal is expected to lift Shell’s output by about 370,000 barrels of oil equivalent per day and strengthen its Canadian gas position tied to LNG Canada.
Shell will pay ARC shareholders a mix of cash and shares at a 20 per cent premium to ARC’s 30-day average share price. The company said the acquisition will add about 2 billion barrels of reserves and support higher production growth targets later in the decade.
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