{"success":true,"data":{"pressRelease":{"id":"134490","rtpr_id":"nPn4y84sLa","ticker":"ARX","exchange":"TSX","all_tickers":["ARX","SHEL"],"title":"Shell completes acquisition of ARC Resources","author":"PR Newswire","published_at":"2026-09-02T21:02:00.432Z","article_body":"Shell completes acquisition of ARC Resources\n\nPR Newswire\n\nCALGARY, AB, Sept. 2, 2026\n\nCALGARY, AB, Sept. 2, 2026 /PRNewswire/ -- Shell plc has completed the\npreviously announced\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=2352940596&u=https%3A%2F%2Fwww.shell.com%2Fnews-and-insights%2Fnewsroom%2Fnews-and-media-releases%2F2026%2Fshell-announces-agreement-to-acquire-canadian-energy-company-arc-resources.html&a=previously+announced)\n agreement (the \"Arrangement Agreement\") to acquire ARC Resources Ltd.\n(\"ARC\") (TSX: ARX), an energy company focused in British Columbia and\nAlberta, Canada, following receipt of all required shareholder, court and\nregulatory approvals. The acquisition accelerates Shell's strategy by adding\napproximately 370 kboe/d immediately across liquids and gas, supporting a\nproduction compound annual growth rate (CAGR) of around 4% through to 2030\ncompared with 2025.\n\n\"Today we welcome ARC colleagues to Shell and look forward to building on\ntheir high-performance culture, operational excellence and technical expertise\nin Canada's Montney basin,\" said Shell's Chief Executive Officer, Wael Sawan.\n\"The acquisition increases Shell's exposure to long-duration, low-cost liquids\nproduction. Through disciplined integration, we will build on the strengths of\nboth organizations to unlock the value that underpins this transaction.\"\n\nIn accordance with terms of the Arrangement Agreement, ARC's shareholders will\nreceive CAD $8.20 in cash and 0.40247 ordinary shares of Shell plc (each whole\nshare, a \"Shell Share\") for each ARC common share (each, an \"ARC Share\").\n\nBased on Shell's closing share price of GBP £34.43 on September 2, 2026, and\nlatest FX rates, this equates to an updated equity value of approximately\nUS$13.9 billion. Shell will take on approximately US$2.5 billion in net debt\nand leases resulting in an enterprise value of approximately US$16.5 billion.\nThe equity value of US$13.9 billion will be funded via US$3.3 billion in cash\nand US$10.6 billion in new Shell shares.\n\nThe transaction is expected to generate double-digit returns, bolster\nlong-term cash flows and be accretive to free cash flow share from 2027\nonwards.\n\nNotes to editors\n\n * As defined in the Arrangement Agreement, the effective date of the transaction\nis September 2, 2026 (the \"Effective Date\").\n * The process for delivery of Shell Shares in exchange for ARC Shares is\nanticipated to be completed several days following the Effective Date of the\ntransaction.\n * More information can be found at\nInformation for shareholders | Shell Global\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=275735926&u=https%3A%2F%2Fwww.shell.com%2Finvestors%2Finformation-for-shareholders.html&a=Information+for+shareholders+%7C+Shell+Global)\n * The acquisition grows Shell's producing interests in Canada and complements\nits existing LNG footprint and extensive downstream businesses including\nrefining, chemicals, fuel retail, aviation, lubricants and low-carbon\nsolutions.\n * In connection with the Arrangement Agreement, Shell obtained an exemption\norder from the Alberta Securities Commission, as principal regulator on behalf\nof the securities regulatory authority or regulator in each of the provinces\nof Canada other than Ontario, and the Ontario Securities Commission, providing\nrelief from the formal issuer bid requirements of National Instrument 62-104\nTake-Over Bids and Issuer Bids in connection with purchases by Shell of the\noutstanding Shell Shares through marketplaces outside of Canada (the \"Canadian\nExemption\"), which applies so long as the Shell Shares are not listed or\nposted for trading on any stock exchange or marketplace in Canada, and\nresidents of Canada do not beneficially own more than 10% of the total number\nof issued and outstanding Shell Shares. The Canadian Exemption is also subject\nto the following conditions: the share buybacks under its issuer bid programs\nare carried out under applicable securities laws in the United Kingdom, the\nNetherlands and the European Union, as well as the trading rules of the\napplicable exchanges and markets; and the aggregate number of Shell Shares\nacquired by Shell within any period of 12 months does not exceed 10% of the\noutstanding Shell Shares, excluding treasury shares.\n * Measurement of acquired assets and liabilities for accounting purposes will be\nsubject to a purchase price allocation exercise following completion.\n * Equity value and net debt do not sum to enterprise value due to rounding.\nCautionary Note\n\nThe companies in which Shell plc directly and indirectly owns investments are\nseparate legal entities. In this news release \"Shell\", \"Shell Group\" and\n\"Group\" are sometimes used for convenience to reference Shell plc and its\nsubsidiaries in general. Likewise, the words \"we\", \"us\" and \"our\" are also\nused to refer to Shell plc and its subsidiaries in general or to those who\nwork for them. These terms are also used where no useful purpose is served by\nidentifying the particular entity or entities. ''Subsidiaries'', \"Shell\nsubsidiaries\" and \"Shell companies\" as used in this news release refer to\nentities over which Shell plc either directly or indirectly has control. The\nterms \"joint venture\", \"joint operations\", \"joint arrangements\", and\n\"associates\" may also be used to refer to a commercial arrangement in which\nShell has a direct or indirect ownership interest with one or more parties.\nThe term \"Shell interest\" is used for convenience to indicate the direct\nand/or indirect ownership interest held by Shell in an entity or\nunincorporated joint arrangement, after exclusion of all third-party interest.\n\nForward-Looking statements\nThis news release contains forward-looking statements (within the meaning of\nthe U.S. Private Securities Litigation Reform Act of 1995) concerning the\nfinancial condition, results of operations and businesses of Shell. All\nstatements other than statements of historical fact are, or may be deemed to\nbe, forward-looking statements. Forward-looking statements are statements of\nfuture expectations that are based on management's current expectations and\nassumptions and involve known and unknown risks and uncertainties that could\ncause actual results, performance or events to differ materially from those\nexpressed or implied in these statements. Forward-looking statements include,\namong other things, statements concerning the potential exposure of Shell to\nmarket risks and statements expressing management's expectations, beliefs,\nestimates, forecasts, projections and assumptions. These forward-looking\nstatements are identified by their use of terms and phrases such as \"aim\";\n\"ambition\"; ''anticipate''; \"aspire\", \"aspiration\", ''believe''; \"commit\";\n\"commitment\"; ''could''; \"desire\"; ''estimate''; ''expect''; ''goals'';\n''intend''; ''may''; \"milestones\"; ''objectives''; ''outlook''; ''plan'';\n''probably''; ''project''; ''risks''; \"schedule\"; ''seek''; ''should'';\n''target''; \"vision\"; ''will''; \"would\" and similar terms and phrases. There\nare a number of factors that could affect the future operations of Shell and\ncould cause those results to differ materially from those expressed in the\nforward-looking statements included in this news release, including (without\nlimitation): (a) price fluctuations in crude oil and natural gas; (b) changes\nin demand for Shell's products; (c) currency fluctuations; (d) drilling and\nproduction results; (e) reserves estimates; (f) loss of market share and\nindustry competition; (g) environmental and physical risks, including climate\nchange; (h) risks associated with the identification of suitable potential\nacquisition properties and targets, and successful negotiation and completion\nof such transactions; (i) the risk of doing business in developing countries\nand countries subject to international sanctions; (j) legislative, judicial,\nfiscal and regulatory developments including tariffs and regulatory measures\naddressing climate change; (k) economic and financial market conditions in\nvarious countries and regions; (l) political risks, including the risks of\nexpropriation and renegotiation of the terms of contracts with governmental\nentities, delays or advancements in the approval of projects and delays in the\nreimbursement for shared costs; (m) risks associated with the impact of\npandemics, regional conflicts, such as the Russia-Ukraine war and the conflict\nin the Middle East, and a significant cyber security, data privacy or IT\nincident; (n) the pace of the energy transition; and (o) changes in trading\nconditions. No assurance is provided that future dividend payments will match\nor exceed previous dividend payments. All forward-looking statements contained\nin this news release are expressly qualified in their entirety by the\ncautionary statements contained or referred to in this section. Readers should\nnot place undue reliance on forward-looking statements. Additional risk\nfactors that may affect future results are contained in Shell plc's Form 20-F\nfor the year ended December 31, 2025 (available at\nwww.shell.com/investors/news-and-filings/sec-filings.html\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=528739221&u=https%3A%2F%2Fwww.shell.com%2Finvestors%2Fnews-and-filings%2Fsec-filings.html&a=www.shell.com%2Finvestors%2Fnews-and-filings%2Fsec-filings.html)\n and www.sec.gov\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=3265508975&u=http%3A%2F%2Fwww.sec.gov%2F&a=www.sec.gov)\n). These risk factors also expressly qualify all forward-looking statements\ncontained in this news release and should be considered by the reader. Each\nforward-looking statement speaks only as of the date of this news release,\nSeptember 2, 2026. Neither Shell plc nor any of its subsidiaries undertake any\nobligation to publicly update or revise any forward-looking statement as a\nresult of new information, future events or other information. In light of\nthese risks, results could differ materially from those stated, implied or\ninferred from the forward-looking statements contained in this news release.\n\nShell's net carbon intensity\nAlso, in this news release we may refer to Shell's \"net carbon intensity\"\n(NCI), which includes Shell's carbon emissions from the production of our\nenergy products, our suppliers' carbon emissions in supplying energy for that\nproduction and our customers' carbon emissions associated with their use of\nthe energy products we sell. Shell's NCI also includes the emissions\nassociated with the production and use of energy products produced by others\nwhich Shell purchases for resale. Shell only controls its own emissions. The\nuse of the terms Shell's \"net carbon intensity\" or NCI is for convenience only\nand not intended to suggest these emissions are those of Shell plc or its\nsubsidiaries.\n\nShell's net-zero emissions target\nShell's operating plan and outlook are forecasted for a three-year period and\nten-year period, respectively, and are updated every year. They reflect the\ncurrent economic environment and what we can reasonably expect to see over the\nnext three and ten years. Accordingly, the outlook reflects our combined Scope\n1 and 2 target, NCI target and our oil products ambition over the next ten\nyears. However, Shell's operating plan and outlook cannot reflect our 2050\nnet-zero emissions target, as this target is outside our planning period. Such\nfuture operating plans and outlooks could include changes to our portfolio,\nefficiency improvements and the use of carbon capture and storage and carbon\ncredits. In the future, as society moves towards net-zero emissions, we expect\nShell's operating plans and outlooks to reflect this movement. However, if\nsociety is not net zero in 2050, as of today, there would be significant risk\nthat Shell may not meet this target.\n\nForward-Looking non-GAAP measures\nThis news release may contain certain forward-looking non-GAAP measures such\nas free cash flow, net debt and enterprise value. We are unable to provide a\nreconciliation of these forward-looking non-GAAP measures to the most\ncomparable GAAP financial measures because certain information needed to\nreconcile those non-GAAP measures to the most comparable GAAP financial\nmeasures is dependent on future events some of which are outside the control\nof Shell, such as oil and gas prices, interest rates and exchange rates.\nMoreover, estimating such GAAP measures with the required precision necessary\nto provide a meaningful reconciliation is extremely difficult and could not be\naccomplished without unreasonable effort. Non-GAAP measures in respect of\nfuture periods which cannot be reconciled to the most comparable GAAP\nfinancial measure are calculated in a manner which is consistent with the\naccounting policies applied in Shell plc's consolidated financial statements.\n\nThe contents of websites referred to in this news release do not form part of\nthis news release.\n\nWe may have used certain terms, such as resources, in this news release that\nthe United States Securities and Exchange Commission (SEC) strictly prohibits\nus from including in our filings with the SEC. Investors are urged to consider\nclosely the disclosure in our Form 20-F, File No 1-32575, available on the SEC\nwebsite www.sec.gov\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=2108867381&u=https%3A%2F%2Fwww.sec.gov&a=www.sec.gov)\n.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/shell-completes-acquisition-of-arc-resources-302868173.html\n(https://www.prnewswire.com/news-releases/shell-completes-acquisition-of-arc-resources-302868173.html)\n\nSOURCE Shell\n\n\n\nEnquiries: UK / International Media Relations: +44 20 7934 5550; Americas Media Relations: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS423665/Shell-Logo.jpg?id=OA2927064\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn4y84sLa","title":"Shell completes acquisition of ARC Resources","author":"PR Newswire","ticker":"ARX","created":"2026-09-02T21:02:00.432Z","tickers":["ARX","SHEL"],"exchange":"TSX","article_body":"Shell completes acquisition of ARC Resources\n\nPR Newswire\n\nCALGARY, AB, Sept. 2, 2026\n\nCALGARY, AB, Sept. 2, 2026 /PRNewswire/ -- Shell plc has completed the\npreviously announced\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=2352940596&u=https%3A%2F%2Fwww.shell.com%2Fnews-and-insights%2Fnewsroom%2Fnews-and-media-releases%2F2026%2Fshell-announces-agreement-to-acquire-canadian-energy-company-arc-resources.html&a=previously+announced)\n agreement (the \"Arrangement Agreement\") to acquire ARC Resources Ltd.\n(\"ARC\") (TSX: ARX), an energy company focused in British Columbia and\nAlberta, Canada, following receipt of all required shareholder, court and\nregulatory approvals. The acquisition accelerates Shell's strategy by adding\napproximately 370 kboe/d immediately across liquids and gas, supporting a\nproduction compound annual growth rate (CAGR) of around 4% through to 2030\ncompared with 2025.\n\n\"Today we welcome ARC colleagues to Shell and look forward to building on\ntheir high-performance culture, operational excellence and technical expertise\nin Canada's Montney basin,\" said Shell's Chief Executive Officer, Wael Sawan.\n\"The acquisition increases Shell's exposure to long-duration, low-cost liquids\nproduction. Through disciplined integration, we will build on the strengths of\nboth organizations to unlock the value that underpins this transaction.\"\n\nIn accordance with terms of the Arrangement Agreement, ARC's shareholders will\nreceive CAD $8.20 in cash and 0.40247 ordinary shares of Shell plc (each whole\nshare, a \"Shell Share\") for each ARC common share (each, an \"ARC Share\").\n\nBased on Shell's closing share price of GBP £34.43 on September 2, 2026, and\nlatest FX rates, this equates to an updated equity value of approximately\nUS$13.9 billion. Shell will take on approximately US$2.5 billion in net debt\nand leases resulting in an enterprise value of approximately US$16.5 billion.\nThe equity value of US$13.9 billion will be funded via US$3.3 billion in cash\nand US$10.6 billion in new Shell shares.\n\nThe transaction is expected to generate double-digit returns, bolster\nlong-term cash flows and be accretive to free cash flow share from 2027\nonwards.\n\nNotes to editors\n\n * As defined in the Arrangement Agreement, the effective date of the transaction\nis September 2, 2026 (the \"Effective Date\").\n * The process for delivery of Shell Shares in exchange for ARC Shares is\nanticipated to be completed several days following the Effective Date of the\ntransaction.\n * More information can be found at\nInformation for shareholders | Shell Global\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=275735926&u=https%3A%2F%2Fwww.shell.com%2Finvestors%2Finformation-for-shareholders.html&a=Information+for+shareholders+%7C+Shell+Global)\n * The acquisition grows Shell's producing interests in Canada and complements\nits existing LNG footprint and extensive downstream businesses including\nrefining, chemicals, fuel retail, aviation, lubricants and low-carbon\nsolutions.\n * In connection with the Arrangement Agreement, Shell obtained an exemption\norder from the Alberta Securities Commission, as principal regulator on behalf\nof the securities regulatory authority or regulator in each of the provinces\nof Canada other than Ontario, and the Ontario Securities Commission, providing\nrelief from the formal issuer bid requirements of National Instrument 62-104\nTake-Over Bids and Issuer Bids in connection with purchases by Shell of the\noutstanding Shell Shares through marketplaces outside of Canada (the \"Canadian\nExemption\"), which applies so long as the Shell Shares are not listed or\nposted for trading on any stock exchange or marketplace in Canada, and\nresidents of Canada do not beneficially own more than 10% of the total number\nof issued and outstanding Shell Shares. The Canadian Exemption is also subject\nto the following conditions: the share buybacks under its issuer bid programs\nare carried out under applicable securities laws in the United Kingdom, the\nNetherlands and the European Union, as well as the trading rules of the\napplicable exchanges and markets; and the aggregate number of Shell Shares\nacquired by Shell within any period of 12 months does not exceed 10% of the\noutstanding Shell Shares, excluding treasury shares.\n * Measurement of acquired assets and liabilities for accounting purposes will be\nsubject to a purchase price allocation exercise following completion.\n * Equity value and net debt do not sum to enterprise value due to rounding.\nCautionary Note\n\nThe companies in which Shell plc directly and indirectly owns investments are\nseparate legal entities. In this news release \"Shell\", \"Shell Group\" and\n\"Group\" are sometimes used for convenience to reference Shell plc and its\nsubsidiaries in general. Likewise, the words \"we\", \"us\" and \"our\" are also\nused to refer to Shell plc and its subsidiaries in general or to those who\nwork for them. These terms are also used where no useful purpose is served by\nidentifying the particular entity or entities. ''Subsidiaries'', \"Shell\nsubsidiaries\" and \"Shell companies\" as used in this news release refer to\nentities over which Shell plc either directly or indirectly has control. The\nterms \"joint venture\", \"joint operations\", \"joint arrangements\", and\n\"associates\" may also be used to refer to a commercial arrangement in which\nShell has a direct or indirect ownership interest with one or more parties.\nThe term \"Shell interest\" is used for convenience to indicate the direct\nand/or indirect ownership interest held by Shell in an entity or\nunincorporated joint arrangement, after exclusion of all third-party interest.\n\nForward-Looking statements\nThis news release contains forward-looking statements (within the meaning of\nthe U.S. Private Securities Litigation Reform Act of 1995) concerning the\nfinancial condition, results of operations and businesses of Shell. All\nstatements other than statements of historical fact are, or may be deemed to\nbe, forward-looking statements. Forward-looking statements are statements of\nfuture expectations that are based on management's current expectations and\nassumptions and involve known and unknown risks and uncertainties that could\ncause actual results, performance or events to differ materially from those\nexpressed or implied in these statements. Forward-looking statements include,\namong other things, statements concerning the potential exposure of Shell to\nmarket risks and statements expressing management's expectations, beliefs,\nestimates, forecasts, projections and assumptions. These forward-looking\nstatements are identified by their use of terms and phrases such as \"aim\";\n\"ambition\"; ''anticipate''; \"aspire\", \"aspiration\", ''believe''; \"commit\";\n\"commitment\"; ''could''; \"desire\"; ''estimate''; ''expect''; ''goals'';\n''intend''; ''may''; \"milestones\"; ''objectives''; ''outlook''; ''plan'';\n''probably''; ''project''; ''risks''; \"schedule\"; ''seek''; ''should'';\n''target''; \"vision\"; ''will''; \"would\" and similar terms and phrases. There\nare a number of factors that could affect the future operations of Shell and\ncould cause those results to differ materially from those expressed in the\nforward-looking statements included in this news release, including (without\nlimitation): (a) price fluctuations in crude oil and natural gas; (b) changes\nin demand for Shell's products; (c) currency fluctuations; (d) drilling and\nproduction results; (e) reserves estimates; (f) loss of market share and\nindustry competition; (g) environmental and physical risks, including climate\nchange; (h) risks associated with the identification of suitable potential\nacquisition properties and targets, and successful negotiation and completion\nof such transactions; (i) the risk of doing business in developing countries\nand countries subject to international sanctions; (j) legislative, judicial,\nfiscal and regulatory developments including tariffs and regulatory measures\naddressing climate change; (k) economic and financial market conditions in\nvarious countries and regions; (l) political risks, including the risks of\nexpropriation and renegotiation of the terms of contracts with governmental\nentities, delays or advancements in the approval of projects and delays in the\nreimbursement for shared costs; (m) risks associated with the impact of\npandemics, regional conflicts, such as the Russia-Ukraine war and the conflict\nin the Middle East, and a significant cyber security, data privacy or IT\nincident; (n) the pace of the energy transition; and (o) changes in trading\nconditions. No assurance is provided that future dividend payments will match\nor exceed previous dividend payments. All forward-looking statements contained\nin this news release are expressly qualified in their entirety by the\ncautionary statements contained or referred to in this section. Readers should\nnot place undue reliance on forward-looking statements. Additional risk\nfactors that may affect future results are contained in Shell plc's Form 20-F\nfor the year ended December 31, 2025 (available at\nwww.shell.com/investors/news-and-filings/sec-filings.html\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=528739221&u=https%3A%2F%2Fwww.shell.com%2Finvestors%2Fnews-and-filings%2Fsec-filings.html&a=www.shell.com%2Finvestors%2Fnews-and-filings%2Fsec-filings.html)\n and www.sec.gov\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=3265508975&u=http%3A%2F%2Fwww.sec.gov%2F&a=www.sec.gov)\n). These risk factors also expressly qualify all forward-looking statements\ncontained in this news release and should be considered by the reader. Each\nforward-looking statement speaks only as of the date of this news release,\nSeptember 2, 2026. Neither Shell plc nor any of its subsidiaries undertake any\nobligation to publicly update or revise any forward-looking statement as a\nresult of new information, future events or other information. In light of\nthese risks, results could differ materially from those stated, implied or\ninferred from the forward-looking statements contained in this news release.\n\nShell's net carbon intensity\nAlso, in this news release we may refer to Shell's \"net carbon intensity\"\n(NCI), which includes Shell's carbon emissions from the production of our\nenergy products, our suppliers' carbon emissions in supplying energy for that\nproduction and our customers' carbon emissions associated with their use of\nthe energy products we sell. Shell's NCI also includes the emissions\nassociated with the production and use of energy products produced by others\nwhich Shell purchases for resale. Shell only controls its own emissions. The\nuse of the terms Shell's \"net carbon intensity\" or NCI is for convenience only\nand not intended to suggest these emissions are those of Shell plc or its\nsubsidiaries.\n\nShell's net-zero emissions target\nShell's operating plan and outlook are forecasted for a three-year period and\nten-year period, respectively, and are updated every year. They reflect the\ncurrent economic environment and what we can reasonably expect to see over the\nnext three and ten years. Accordingly, the outlook reflects our combined Scope\n1 and 2 target, NCI target and our oil products ambition over the next ten\nyears. However, Shell's operating plan and outlook cannot reflect our 2050\nnet-zero emissions target, as this target is outside our planning period. Such\nfuture operating plans and outlooks could include changes to our portfolio,\nefficiency improvements and the use of carbon capture and storage and carbon\ncredits. In the future, as society moves towards net-zero emissions, we expect\nShell's operating plans and outlooks to reflect this movement. However, if\nsociety is not net zero in 2050, as of today, there would be significant risk\nthat Shell may not meet this target.\n\nForward-Looking non-GAAP measures\nThis news release may contain certain forward-looking non-GAAP measures such\nas free cash flow, net debt and enterprise value. We are unable to provide a\nreconciliation of these forward-looking non-GAAP measures to the most\ncomparable GAAP financial measures because certain information needed to\nreconcile those non-GAAP measures to the most comparable GAAP financial\nmeasures is dependent on future events some of which are outside the control\nof Shell, such as oil and gas prices, interest rates and exchange rates.\nMoreover, estimating such GAAP measures with the required precision necessary\nto provide a meaningful reconciliation is extremely difficult and could not be\naccomplished without unreasonable effort. Non-GAAP measures in respect of\nfuture periods which cannot be reconciled to the most comparable GAAP\nfinancial measure are calculated in a manner which is consistent with the\naccounting policies applied in Shell plc's consolidated financial statements.\n\nThe contents of websites referred to in this news release do not form part of\nthis news release.\n\nWe may have used certain terms, such as resources, in this news release that\nthe United States Securities and Exchange Commission (SEC) strictly prohibits\nus from including in our filings with the SEC. Investors are urged to consider\nclosely the disclosure in our Form 20-F, File No 1-32575, available on the SEC\nwebsite www.sec.gov\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4766343-1&h=2108867381&u=https%3A%2F%2Fwww.sec.gov&a=www.sec.gov)\n.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/shell-completes-acquisition-of-arc-resources-302868173.html\n(https://www.prnewswire.com/news-releases/shell-completes-acquisition-of-arc-resources-302868173.html)\n\nSOURCE Shell\n\n\n\nEnquiries: UK / International Media Relations: +44 20 7934 5550; Americas Media Relations: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS423665/Shell-Logo.jpg?id=OA2927064\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-02T21:02:00.489110734Z","server_sent_at_ms":1788382920489},"received_at":"2026-09-02T21:02:00.576Z","source_url":"https://www.prnewswire.com/news-releases/shell-completes-acquisition-of-arc-resources-302868173.html"},"analysis":{"id":"123382","press_release_id":"134490","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["Part of the consideration is in Shell shares (0.40247 per ARC share), so value floats with Shell's share price and FX until delivery several days after the September 2, 2026 effective date","ARC ceases to exist as an independent producer on completion — no standalone upside remains for ARX-focused investors"],"eventType":"m_and_a","narrative":"Shell plc completed its acquisition of ARC Resources Ltd. (TSX: ARX) on September 2, 2026, closing the previously announced Arrangement Agreement after receipt of all required shareholder, court and regulatory approvals.\n\nARC shareholders will receive CAD $8.20 in cash plus 0.40247 Shell shares per ARC common share, for an equity value of approximately US$13.9 billion and an enterprise value of roughly US$16.5 billion including US$2.5 billion of assumed net debt and leases; the equity value is funded with US$3.3 billion of cash and US$10.6 billion in new Shell shares.\n\nThe deal adds about 370 kboe/d of liquids and gas production in the Montney basin, supports Shell's roughly 4% production CAGR through 2030, and is expected to generate double-digit returns with free-cash-flow-per-share accretion from 2027.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Shell closes its ~US$16.5B takeover of ARC Resources — ARX holders receive CAD $8.20 cash plus 0.40247 Shell shares as Montney assets add ~370 kboe/d to Shell output."},"keyFigures":{"dealValueUsd":16500000000,"customDimensions":{"production_cagr":"around 4% through 2030 compared with 2025","cash_funding_usd":3300000000,"equity_value_usd":13900000000,"production_added":"approximately 370 kboe/d across liquids and gas","share_funding_usd":10600000000,"net_debt_assumed_usd":2500000000,"per_share_consideration":"CAD $8.20 cash plus 0.40247 Shell shares per ARC common share","shell_reference_share_price":"GBP £34.43 close on September 2, 2026"}},"quotedText":"high-performance culture, operational excellence and technical expertise","namedEntities":{"people":[{"name":"Wael Sawan","role":"Chief Executive Officer of Shell plc"}],"products":[],"companies":[{"name":"ARC Resources Ltd.","ticker":"ARX","relationship":"target (filer being acquired)"},{"name":"Shell plc","relationship":"acquirer"},{"name":"Alberta Securities Commission","relationship":"regulator (granted Canadian Exemption order)"},{"name":"Ontario Securities Commission","relationship":"regulator (granted Canadian Exemption order)"}],"dollarAmounts":[{"amount":"CAD $8.20","context":"cash consideration per ARC common share"},{"amount":"US$13.9 billion","context":"updated equity value of the transaction"},{"amount":"US$2.5 billion","context":"net debt and leases assumed by Shell"},{"amount":"US$16.5 billion","context":"enterprise value of the transaction"},{"amount":"US$3.3 billion","context":"cash portion funding the equity value"},{"amount":"US$10.6 billion","context":"new Shell shares funding the equity value"},{"amount":"GBP £34.43","context":"Shell plc closing share price on September 2, 2026 used to value the deal"}]},"materialImpact":{"score":5,"reasoning":"Definitive completion of the acquisition of the filer (ARC Resources) by Shell plc at approximately US$13.9 billion equity value / US$16.5 billion enterprise value. A company-transforming M&A event: ARX shareholders are paid cash plus Shell shares and the company ceases to exist as an independent issuer."},"tickerRelevance":{"others":[{"ticker":"SHEL","relevance":"acquirer"}],"primary":"ARX"},"globalImportance":75,"audienceRelevance":45,"eventTypeSecondary":[],"importanceComponents":{"note":"Release authored by acquirer (SOURCE Shell); the filer ARX is the target","tickerTier":"mid-cap Canadian energy producer","dealValueUsd":"US$13.9B equity / US$16.5B enterprise value","eventGravity":"completed M&A in the $10-50B band (US$16.5B enterprise value)","issuerAuthored":false,"householdBrandBoost":"acquirer Shell plc is a global supermajor"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":5,"narrative":"Shell plc completed its acquisition of ARC Resources Ltd. 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