Shell plc Completes Acquisition of ARC Resources Ltd.

Shell plc has successfully completed the acquisition of ARC Resources Ltd. for an enterprise value of approximately US$16.5 billion. This acquisition, valued at approximately US$13.9 billion in equity, will be funded through US$3.3 billion in cash and US$10.6 billion in new Shell shares, with Shell also assuming approximately US$2.5 billion in net debt and leases. The deal is expected to significantly boost Shell's production by adding approximately 370 kboe/d and supports a production compound annual growth rate (CAGR) of around 4% through to 2030. This strategic move enhances Shell's presence in Canada's Montney basin, complementing its existing LNG infrastructure and downstream operations. The acquisition is projected to yield double-digit returns and be accretive to free cash flow per share starting from 2027. Shareholder and regulatory approvals have been secured, with the transaction effective as of September 2, 2026. Discussions regarding the delivery of Shell Shares in exchange for ARC Shares are underway.