Shell Selling Its Stake in Canadian Natural Resources, Concentrating Now on Natural Gas
Royal Dutch Shell is selling its stake in Canadian Natural Resources Limited for about 4.3 billion dollars.
The sale of more than 97 million shares represents Shell's entire interest in Canadian Natural, a roughly eight per cent stake in the company.
Shell said in a statement Monday that proceeds from the sale will contribute to reducing net debt.
The company acquired the shares last year when it sold its Alberta oilsands assets to Canadian Natural for 11.1-billion dollars in cash and stock.
The sale is expected to complete on Wednesday.
CEO Ben van Beurden has said he’s keen to demonstrate how an oil major can navigate a world focused on cutting emissions.
He has repositioned Shell to focus on cleaner natural gas, shedding carbon-intensive assets such as oil sands.
The company is expected to make a final investment decision later this year on its massive LNG Canada project at Kitimat.