Shell to sell $3.3-billion stake in Canadian Natural Resources

Royal Dutch Shell PLC subsidiary Shell Gas BV has agreed to sell all its interest in oil sands producer Canadian Natural Resources Ltd.

The underwriting agreement with Goldman Sachs & Co., RBC Capital Markets, Scotiabank, and TD Securities includes the 97.6 million shares for total pretax proceeds of $3.3 billion.

The sale, expected to be complete on May 9, is part of the company’s 3-year, $30-billion divestment program that included a March 2017 sale of a large portion of its Canadian oil sands interests for $7.5 billion (OGJ Online, Mar. 9, 2017).