Deal Insight
Shell raises US$2.1 billion through the divestment of assets in the Haynesville (Blackstone) and Pinedale (Ultra Petroleum)
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Report summary
In two separate deals, Shell will raise a combined US$2.1 billion in cash through the divestment of two US Lower 48 gas assets. The Major has agreed to sell its entire 107,000 net acre position in the Caspiana Core, Spider and Woodardville sub-plays in the Haynesville to Vine Oil & Gas and its partner Blackstone Energy Partners for US$1.2 billion. It will also swap its Pinedale assets to Ultra Petroleum for US$925 in cash plus 155,000 net acres in the Marcellus.
Table of contents
- Executive summary
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Transaction details
- Shell sells Haynesville assets to Vine and Blackstone
- Shell trades Pinedale assets to Ultra, in return for cash and Marcellus assets
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Upstream assets
- Haynesville assets
- Pinedale assets
- Marcellus assets
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Deal analysis
- Haynesville deal analysis and modelling assumptions
- Pinedale deal analysis and modelling assumptions
- Marcellus deal analysis and modelling assumptions
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Strategic rationale
- Shell
- Vine/Blackstone
- Ultra
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Shell is divesting its position in the Haynesville and swapping its position in the Pinedale for additional acreage in the Marcellus
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Deal analysis: Table 4
What's included
This report contains:
