Devon, Conoco study $10 billion Shell Permian assets

Devon, Conoco study $10 billion Shell Permian assets

Devon Energy Corp and ConocoPhillips are among potential suitors studying Royal Dutch Shell Plc's portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron Corp is also among companies considering bids for the assets, which are largely located in West Texas, the people said. Suitors have been invited to Shell's data room to examine information on the business, the people said, asking not to be identified discussing confidential information. The Permian Basin of West Texas and New Mexico is the world's busiest shale patch and accounts for roughly half the activity in US oil fields today. Deliberations are ongoing, and there's no certainty any of the suitors will decide to proceed with formal proposals, according to the people. Representatives for Chevron, ConocoPhillips, Devon and Shell declined to comment. The sale comes amid shifting strategies at oil and gas majors looking to less carbon intensive operations. BP Plc last year completed the sale of its business in Alaska to Hilcorp Energy Co, while in early 2021 Equinor ASA agreed to sell its interests in the Bakken field in Montana and North Dakota to Grayson Mill Energy