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Royal Dutch Shell to sell stake in Canadian Natural Resources

Joins other energy players that have reduced their exposure in the oil sands.

May 8, 2018   by CP STAFF

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.

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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.