Shell announces agreement to acquire Canadian energy company, ARC Resources Ltd (“ARC”).

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• ARC's proved plus probable gas reserves have the potential to support Shell's growth in LNG in Canada.

  60% confidence

• ARC is a high-quality, low-cost and top quartile low carbon intensity producer operating in the Montney shale basin that complements Shell's existing footprint in Canada and strengthens Shell's resource base for decades to come. The acquisition establishes Canada as a heartland for Shell while furthering Shell's strategy to deliver more value with less emissions.

  60% confidence

• Shell aims to sustain material liquids production of approximately 1.4 million barrels per day towards 2030 and beyond, supported by this acquisition.

  60% confidence

• The Shell-ARC combination is a great opportunity for ARC to realise value for shareholders and continue to benefit from Shell's success. ARC's assets and world class people will play an important role in helping Shell strengthen Canada's resource landscape whilst providing the secure energy the world needs.

  60% confidence

• The transaction is expected to generate double digit returns, bolstering long-term cashflows, and is accretive to free cash flow per share from 2027 onwards.

  60% confidence

• The acquisition increases Shell's production CAGR from 1% (as outlined at the 2025 Capital Markets Day) to 4% compared to 2025, through to 2030.

  60% confidence

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