Shell has completed its acquisition of Canadian energy company ARC Resources after receiving all required shareholder, court and regulatory approvals, adding about 370,000 barrels of oil equivalent per day (kboepd) of liquids and gas production.

The deal is expected to support Shell’s production compound annual growth rate of around 4 per cent through 2030, compared with 2025.

Under the agreement, ARC shareholders received CAD$8.20 ($5.84) in cash and 0.40247 Shell shares for each ARC share.

Based on Shell’s September 2 closing share price of £34.43 and latest foreign exchange rates, the transaction gives ARC an equity value of about $13.9 billion.

Shell is also assuming approximately $2.5 billion in net debt and leases, putting the deal’s enterprise value at around $16.5 billion.

The equity consideration comprises $3.3 billion in cash and $10.6 billion in new Shell shares. 

Shell expects the acquisition to generate double-digit returns, strengthen long-term cash flows and increase free cash flow per share from 2027.