Shell Acquisition of ARC Resources

planned

Shell plc has agreed to acquire ARC Resources Ltd. in a deal valued at approximately $13.6 billion, or approximately $16.4 billion including debt. The acquisition significantly expands Shell's position in Canada’s Montney shale and boosts long-term oil and gas production. The transaction will add roughly 370,000 boed of production to Shell’s portfolio and approximately 2 billion boe of proved plus probable reserves, strengthening its upstream base and supporting growth through the end of the decade. ARC’s assets are concentrated in the Montney formation in British Columbia and Alberta, one of North America’s most prolific unconventional plays. The acquisition will combine ARC’s acreage with Shell’s existing Montney footprint, including its Groundbirch operations, which supply natural gas to the LNG Canada project. The deal is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.