Shell sells off its oil and gas business in Texas’ Permian Basin, seeking to reduce its reliance on fossil fuels

Royal Dutch Shell has sold its oil and gas business in the country’s largest oilfield Permian Basin to Texas based company ConocoPhillips for $9.5 billion. It’s about a major move for Shell, which produces more than 175,000 barrels of oil per day in the above mentioned area, as it faces pressure to reduce its oil and gas production and produce more clean energy in response to concerns from investors and the public about climate change. This deal makes ConocoPhillips a top Permian producer alongside Chevron, Exxon Mobil and Pioneer Natural Resources, which bought DoublePoint Energy for $6.4 billion earlier this year.