Royal Dutch Shell PLC is selling the bulk of its oil sands business in a multibillion-dollar retreat from a sector it says no longer fits with its global growth ambitions.
The Anglo-Dutch giant, pressured by high debt, on Thursday said Canadian Natural Resources Ltd. would pay $8.5-billion (U.S.) in cash and shares for a controlling stake in the Athabasca oil sands project, a major bitumen mine and upgrading development with capacity of about 255,000 barrels a day. Shell is also jettisoning undeveloped oil sands leases and assets pumping around 15,000 barrels a day near Peace River, Alta.Report Typo/Error
Follow us on Twitter:,
- Royal Dutch Shell PLC$55.530.00(0.00%)
- Marathon Oil Corp$12.180.00(0.00%)
- Canadian Natural Resources Ltd$38.310.00(0.00%)
- Canadian Natural Resources Ltd$30.790.00(0.00%)
- Statoil ASA$17.870.00(0.00%)
- Total SA$50.390.00(0.00%)
- Suncor Energy Inc$38.980.00(0.00%)
- Suncor Energy Inc$31.400.00(0.00%)
- Updated July 26 4:00 PM EDT. Delayed by at least 15 minutes.