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The Wall Street Publication > Blog > Markets > Conoco Kicks Off Oil Industry’s Carbon Shell Game
Markets

Conoco Kicks Off Oil Industry’s Carbon Shell Game

Editorial Board Published September 21, 2021
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Conoco Kicks Off Oil Industry’s Carbon Shell Game
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Royal Dutch Shell ’s grain of sand is turning out to be another oil producer’s pearl.

On Monday, Shell announced it would sell its Permian business to ConocoPhillips for $9.5 billion in cash. There was probably a limited pool of potential buyers: Oil majors are under immense shareholder pressure to keep capital and environmental discipline, while few independent oil and gas producers have the balance sheet for a deal of this scale.

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