Anglo-Dutch supermajor Shell has agreed to sell all of its assets in the prolific Permian basin to US independent ConocoPhillips for $9.5 billion in cash.

The deal would transfer Shell’s ownership of about 225,000 net acres, with a current production — entirely in Texas — of about 175,000 barrels of oil equivalent per day, to ConocoPhillips upon the expected closing of the transaction in the fourth quarter of 2021, Shell said on Monday.