Norton Rose Fulbright, Baker Botts fuel Shell's Permian exit - Reuters

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A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci

• Summary
• Law firms

• Norton Rose Fulbright advises Shell
• Baker Botts counsels ConocoPhillips

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(Reuters) - Norton Rose Fulbright and Baker Botts are arranging a Royal Dutch Shell subsidiary’s $9.5-billion cash deal to sell its Permian Basin assets to ConocoPhillips.

Shell Enterprises LLC said late Monday it had inked the deal as the Houston-based company looks to shift its focus to clean energy.

Longtime adviser Norton Rose Fulbright is guiding Shell on the divestment from the United States’ largest oilfield with a team led by energy, infrastructure and resources partner John Mauel and including corporate partner Steven Suzzan.

The firm has advised Shell on several asset sales so far this year, including the up to $926-million sale of Western Desert assets in Egypt and the $2.5-billion offloading of a more than 26% stake in subsidiary Queensland Curtis LNG Common Facilities.

ConocoPhillips, also headquartered in Houston, has paired with Baker Botts for the asset purchase. The firm’s team includes global projects partner Craig Vogelsang and special counsel Luke Burns; and corporate partners Carina Antweil, Jim Prince and Larry Hall.

The asset transfer is expected to close in 2021’s fourth quarter.

Shell’s financial advisers are Morgan Stanley & Co. LLC and Tudor, Pickering, Holt & Co, and ConocoPhillips’ is Goldman Sachs & Co. LLC.

Read more:

Shell exits Permian with $9.5 bln Texas shale sale to ConocoPhillips

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com

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