Shell has agreed a £12bn takeover of Canadian energy firm ARC in its biggest acquisition since the 2015 purchase of BG Group.
The company said the deal would strengthen its position “for decades to come” and help maintain production at around 1.4 million barrels per day.
The acquisition includes ARC’s majority stake in a liquefied natural gas plant on Canada’s west coast and significantly expands Shell’s North American footprint.
Shell said ARC was a “high quality, low-cost” business that would help it to “deliver more value with less emissions”.
The move follows recent pressure on the energy giant after disruption to gas production in Qatar linked to conflict in the Middle East.
FSTE100
The UK's flagship share index, the FTSE 100, was xx at xx shortly after opening this morning.
Brent crude oil futures were xx trading at $xx a barrel.
Companies reporting
- Airbus - Q1 Results
- Anglo American - Q1 Production Update
- Barclays - Q1 Results
- BP - Q1 Results
- Coca-Cola Q1 Results
- Howden Joinery - Q1 Trading Statement
- Taylor Wimpey - Q1 Trading Statement
- Travis Perkins - Q1 Trading Statement
- Visa - Q2 Results
- WPP - Q1 Trading Statement