Shell in its $22-billion acquisition of ARC Resources Shell in its $22-billion acquisition of ARC Resources

On September 2, 2026, Shell plc completed its acquisition of ARC Resources Ltd. (TSX: ARX), a leading Canadian energy company focused on the Montney basin in British Columbia and Alberta. The transaction, originally announced in April 2026, had an updated equity value of approximately US$13.9 billion and an enterprise value of approximately US$16.5 billion (approximately C$22 billion). Under the terms of the arrangement, ARC shareholders received C$8.20 in cash and 0.40247 Shell shares for each ARC common share.

The acquisition expands Shell’s Canadian upstream and integrated gas operations, increases its exposure to long-duration, low-cost liquids production in the Montney region and supports its long-term growth strategy. Shell stated that the transaction is expected to enhance long-term cash flows and be accretive to free cash flow per share from 2027 onward.

Osler, Hoskin & Harcourt LLP acted as Canadian counsel to Shell plc with a multidisciplinary team that included Neal Ross, Kelsey Armstrong, Mike Pede, Amelia Miao, Dan Shea, Ana Cherniak-Kennedy, Matt Erdman and Paulina Brittner (Corporate); Colena Der, Edward Rowe, David Wilson, Evan Belfer and Divya Chawla (Tax); Kaeleigh Kuzma, Valeska Rebello and Chelsea Rubin (Competition and Foreign Investment); Tommy Gelbman, Michael Matwichuk and Danielle Landry (Disputes); Shaun Parker and Cassandra Betts (Employment and Labour); and Simon Baines, Jesse Standing and Hanna Ferrara (Energy).