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Bloomberg: Shell in talks for Endeavor Energy deal as price drops

Published 12/17/2018, 06:21 PM
© Reuters.  Bloomberg: Shell in talks for Endeavor Energy deal as price drops
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  • Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) is in talks to buy Endeavor Energy Resources for ~$8B, or roughly half as much as the Texas oil producer was expected to fetch when it put itself on the block this year, Bloomberg reports.
  • Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP) also considered making bids for Endeavor but their interest has waned, according to the report.
  • Discussions reportedly have been complicated by Endeavor founder Autry Stephens' desire to retain a large quantity of the company's mineral rights, which has made the company less valuable than the $15B it was initially expected to bring in a sale.
  • Endeavor controls drilling rights on more than 300K acres of mostly undeveloped land in the Permian Basin, making it one of the play's largest closely held companies in the U.S.
  • Now read: Should Shell Shareholders Expect A Dividend Raise?


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