Shell subsidiary Shell Enterprises is set to sell off its Texas Permian business to ConocoPhillips for some $9.5bn in cash. The deal, which transfers all of Shell's interest in the Permian to oil and gas heavyweight ConocoPhillips, is still subject to regulatory approvals. Around $7bn of the funds raised from the deal will be dished out to shareholders, while the remainder will be used to strengthen Shell's balance sheet.

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