Shell buys Canadian shale producer ARC for $16bn

shell is buying canadian shale producer arc resources for $16bn in cash and stock. the deal adds about 200,000 barrels of oil equivalent per day to shell's production, mostly from the montney formation in british columbia. shell's ceo wael sawn said the acquisition strengthens the company's position in north american gas markets. the purchase comes as shell faces questions from investors about its growth outlook, particularly after scaling back some renewable energy ambitions last year. arc's low-cost gas assets should help shell maintain production levels through the 2030s. the deal is expected to close in the second quarter of 2025.