Norton Rose, Baker Botts Lead Shell's $9.5B Permian Biz Sale

By Benjamin Horney (September 20, 2021, 9:15 PM EDT) -- A subsidiary of Royal Dutch Shell PLC has agreed to sell its Permian basin business to fellow oil and gas giant ConocoPhillips for roughly $9.5 billion, the companies said Monday, in a transaction put together by their respective legal advisers, Norton Rose and Baker Botts.

The transaction features Shell Enterprises LLC selling a business that encompasses about 225,000 net acres and producing properties in Texas, as well as more than 600 miles of operated crude, gas and water pipelines and associated infrastructure, according to a statement. Together, the assets are expected to produce about 200,000 barrels of oil equivalent per day...

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