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Royal Dutch Shell PLC has agreed to sell all of its assets in the Permian Basin, the most active US oil field, to ConocoPhillips for around $ 9.5 billion in cash.
The deal, disclosed by the two companies on Monday, comes as Shell tries to cut carbon emissions and invest more in renewable energy. The sale is one of the biggest recent deals in the shale zone, as big oil companies come under increasing pressure to diversify away from fossil fuels.
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