Shell to sell Canadian oil-sands projects for net gain of $7.3B
March 10, 2017
Energy Exploration | Calgary, Canada | Corporate Acquisition
Royal Dutch Shell (AEX: RDSA) has signed two agreements that will result in the offloading of its oil-sands assets in Canada and reduce its share in the Athabasca Oil Sands Project from 60% to 10% with the sale of its stake to Canadian Natural Resources (TSX: CNQ) for $8.5 billion. In addition, Shell and Canadian Natural will jointly acquire Marathon Oil's (NYSE: MRO) Canadian business for $1.25 billion. Shell's shares closed down 2% in Amsterdam on Thursday, with Canadian Natural gaining 10% on the news in Toronto and Marathon jumping 8% in New York.