Shell has agreed to buy ARC Resources Ltd. for $13.6 billion, marking its largest acquisition in more than a decade as it looks to strengthen oil and gas reserves.

•⁠ ⁠ARC’s low-cost resource base complements Shell’s Canadian operations, including LNG Canada, where Shell owns a 40% stake.

•⁠ ⁠The deal will be paid with 25% cash and 75% shares, giving ARC shareholders a 20% premium to the company’s 30-day weighted average price.

•⁠ ⁠The acquisition supports Shell’s goal of sustaining hydrocarbon liquids production at about 1.4 million barrels per day through 2030 and beyond, with closing expected in H2 2026 pending approvals.