M&A Deal Summary

National Fuel Acquires Royal Dutch Shell - U.S. Appalachia Assets

On May 4, 2020, National Fuel acquired oil/gas exploration company Royal Dutch Shell - U.S. Appalachia Assets from Royal Dutch Shell for 541M USD

Acquisition Highlights
  • This is National Fuel’s 1st transaction in the Oil/Gas Exploration sector.
  • This is National Fuel’s largest (disclosed) transaction.
  • This is National Fuel’s 1st transaction in the United States.
  • This is National Fuel’s 1st transaction in New York.

M&A Deal Summary
Date 2020-05-04
Target Royal Dutch Shell - U.S. Appalachia Assets
Sector Oil/Gas Exploration
Buyer(s) National Fuel
Sellers(s) Royal Dutch Shell
Deal Type Divestiture
Deal Value 541M USD

Target

Royal Dutch Shell - U.S. Appalachia Assets

New York, United States
Royal Dutch Shell plc - U.S. Appalachia Assets are located in the predominately rural northern and western portions of Pennsylvania, where drilling and producing of dry gas from the Marcellus and Utica forms.

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Buyer(S) 1

Buyer

National Fuel

Williamsville, New York, United States

website

Category Company
Founded 1902
Sector Utilities
Employees2,188
Revenue 2.2B USD (2022)
DESCRIPTION

National Fuel is a diversified energy company that engages in utility, pipeline and storage, exploration and production, energy marketing, and gathering of oil and gas utilities. National Fuel was founded in 1902 and is based in Williamsville, New York.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Royal Dutch Shell

London, United Kingdom

website

Category Company
Founded 1907
Sector Oil/Gas Exploration
Employees82,000
Revenue 261.5B USD (2021)
DESCRIPTION

Royal Dutch Shell is an Anglo–Dutch multinational oil and gas company. Royal Dutch Shell was founded in 1907 and is based in London, the United Kingdom.

DEAL STATS #
Overall 15 of 19
Sector (Oil/Gas Exploration) 10 of 13
Type (Divestiture) 15 of 19
State (New York) 1 of 1
Country (United States) 3 of 5
Year (2020) 1 of 1
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Royal Dutch Shell - Martinez Refinery

California, United States

Royal Dutch Shell plc - Martinez Refinery is a high-conversion refinery capable of capturing heavy/sour differentials. Martinez Refinery produces a high percentage of an on-spec clean product including premium gasoline, diesel, and jet fuel. Martinez has a refining capacity of 157,000 barrels per day and a Nelson Complexity Index of 16.1.

Sell $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-17 Royal Dutch Shell - Kaybob Duvernay Assets

The Hague, Netherlands

Kaybob Duvernay Assets includes 450,000 net acres in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30,000 barrels of oil equivalent per day (boe/d) from more than 270 wells.

Sell CA$900M
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