Shell plc has agreed to acquire ARC Resources Ltd., a Canadian energy company focused on the Montney shale basin in British Columbia and Alberta, in a transaction valuing ARC at approximately US$13.6 billion or CAD$22.3 billion in equity and about US$16.4 billion on an enterprise value basis, including roughly US$2.8 billion of net debt and leases. Under the terms, ARC shareholders will receive CAD 8.20 in cash and 0.40247 Shell ordinary shares per ARC share, equating to CAD 32.80 per share based on Shell’s 24 April 2026 closing price of GBP 33.08 and a GBP:CAD exchange rate of 1.8480, a 20% premium to ARC’s 30-day VWAP of CAD 27.42. Consideration will be funded by approximately US$3.4 billion in cash and US$10.2 billion in Shell shares, involving the issuance of about 228 million ordinary shares. ARC’s more than 1.5 million net acres and ~2 billion boe of proved plus probable reserves in the Montney basin will be combined with Shell’s ~440 thousand net acres, immediately adding around 370 kboe/d of production post-royalty and increasing Shell’s production CAGR to 4% through 2030 versus 2025. ARC will be reported within Shell’s Integrated Gas division, with anticipated annualized synergies of about US$250 million. Goldman Sachs International is acting as exclusive financial advisor to Shell, and RBC Capital Markets is acting as exclusive financial advisor to ARC.