Shell Sells Oilsands For $7.25bn

Shell Sells Oilsands For $7.25bn

Canadian Natural Resources will spend a total of C $ 12.74 billion in cash and equities to acquire most of the Royal Dutch Shell oil sands operations and half of Marathon Oil’s minority interest in the Athabasca oil sands project, In Alberta.

As part of the spectacular transaction announced on Thursday, Shell will earn 97.6 million shares of Canadian Natural Resources and $ 8.5 billion in cash from the Calgary-based company for a total of approximately $ 11.1 billion CAD.

Separately, Canadian Natural Resources and Shell are joining forces to buy Marathon Oil’s 20% stake in the Athabasca project, for a total of US $ 2.5 billion in cash.

Canadian Natural Resources will inherit approximately 3,100 Shell and Marathon employees.

Shell said it will receive a net sum of US $ 7.25 billion from Canadian Natural Resources after disbursing US $ 1.25 billion to acquire its share of Marathon Oil Canada, which holds a 20% stake in Marathon Oil In the Athabasca project.

These transactions should be completed by the middle of the year after the usual authorizations have been obtained.

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