Shell completes approximately $22 billion acquisition of ARC Resources

27 Apr 2026

Shell plc completed its acquisition of ARC Resources Ltd. on September 2, 2026, through an indirect wholly owned subsidiary under a court-approved plan of arrangement governed by Alberta law. ARC shareholders became entitled to $8.20 in cash plus 0.40247 Shell ordinary shares for each ARC share. At announcement, this represented $32.80 per ARC share, payable approximately 25 percent in cash and 75 percent in shares, and a 27 percent premium to ARC’s unaffected April 24 closing price. The announced transaction value was approximately $22 billion, including assumed net debt.

At closing, Shell reported an updated equity value of approximately US$13.9 billion and enterprise value of approximately US$16.5 billion, including approximately US$2.5 billion of net debt and leases. ARC’s closing release continued to describe the transaction as approximately $22 billion including assumed net debt. The acquisition adds approximately 370,000 barrels of oil equivalent per day and more than 1.5 million net acres in the Montney basin, complementing Shell’s existing Canadian upstream and LNG interests.

ARC shareholder, Alberta court and required regulatory approvals were obtained before completion. ARC became part of the Shell group, and ARC shares were expected to be delisted from the Toronto Stock Exchange shortly after closing.