Royal Dutch Shell to sell stake in Canadian Natural Resources
By CP STAFFGeneral Energy Oil & Gas Transportation Canadian Natural Cenovus CNRL ConocoPhillips energy manufacturing murphy oil Oil Sands oilsands royal dutch shell Statoil Total SA
Joins other energy players that have reduced their exposure in the oil sands.
TORONTO — Royal Dutch Shell is selling its stake in Canadian Natural Resources Ltd. for about $4.3 billion.
The sale of more than 97 million shares represents Shell’s entire interest in Canadian Natural, a roughly 8% stake in the company.
Shell said in a statement that proceeds from the sale will contribute to reducing net debt.
The sale is expected to complete on May 9.
Shell shares closed at $45.30 on the Toronto Stock Exchange on May 7.
The company acquired the shares last year when it sold its Alberta oil sands assets to Canadian Natural for $11.1 billion in cash and stock.
Other foreign companies that have reduced exposure to the oil sands include Norway’s Statoil, Arkansas-based Murphy Oil and France-based Total SA.
Cenovus Energy bought most of the Canadian assets of Houston-based ConocoPhillips last year.