Shell to buy ARC Resources in deal valued at $22B including debt

A Shell logo is seen at a gas station in London, on March 8, 2022. THE CANADIAN PRESS/AP/Frank Augstein

CALGARY — Shell plc has signed a deal to acquire ARC Resources Ltd. in a stock-and-cash deal valued at $22 billion, including assumed debt.


ARC is an oil and natural gas producer focused on the Montney region in Alberta and northeast British Columbia.

“Through this transaction, we will realize this tremendous value and become part of a dynamic global energy leader capable of realizing the full potential of our business and delivering on Canada’s exciting energy future,” ARC chief executive Terry Anderson said in a statement.

Under the proposal, ARC shareholders will receive 0.40247 of a Shell share and $8.20 in cash in exchange for each ARC share.

The offer is valued at $32.80 per ARC share, based on the closing price for Shell shares and exchange rates on April 24 when ARC shares closed at $25.77.

Shell chief executive Wael Sawan said ARC complements the company’s existing footprint in Canada and strengthens its resource base for decades to come.

“ARC has demonstrated a strong track record of operational excellence and responsible development which aligns closely to how we do business,” Sawan said.

“We look forward to welcoming our new colleagues into the organization and together, furthering our strategy of delivering more value with less emissions.”

In addition to shareholder and court approvals, the deal is subject to regulatory approvals, including under the Investment Canada Act.

The transaction is expected to close in the second half of this year.

This report by The Canadian Press was first published April 27, 2026.