Royal Dutch Shell has agreed to sell its business in the Permian Basin, the biggest oilfield in the US, to rival ConocoPhillips for $9.5bn in cash.
The Anglo-Dutch oil supermajor had pointed to the Permian as one of its core oil and gas-producing regions as recently as this year. But it is under intense pressure to accelerate a shift out of fossil fuels.
In May, a district court in the Netherlands ordered the company to slash its net carbon pollution by 45 per cent compared with 2019 levels by 2030, prompting chief executive Ben van Beurden to say that Shell would hasten plans to reduce emissions.
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