Shell. You’ve done it again—bought more of the problem while pretending to be part of the solution.
In the latest episode of “Shell Expands Its Empire of Environmental Destruction,” ConocoPhillips has announced it will be offloading its interests in the Ursa and Europa Fields to—wait for it—Shell, for the bargain price of $735 million. Because nothing says “streamlining” quite like selling off oil fields to one of the most notorious polluters on the planet.
ConocoPhillips, fresh from its $22.5 billion corporate feeding frenzy—also known as its takeover of Marathon Oil—is now frantically shedding “non-core” assets to help lower its debt. It recently offloaded some Lower 48 assets for a casual $600 million, and now, Shell gets to expand its death grip on fossil fuel production.
“This transaction reflects our ongoing commitment to further strengthen our portfolio by divesting non-core assets and shows significant progress toward our $2 billion disposition target,” said ConocoPhillips in a statement that essentially translates to: “We’re selling to the highest bidder and calling it strategy.”
Meanwhile, Shell—always the reliable villain in any climate horror story—was thrilled at the deal. After the sale, Shell’s working interest in Ursa will jump from 45.4% to 61.35%. That’s right, Shell just bought an even bigger share of a decades-old oil asset because, as the company puts it, it “generates robust free cash flow, while also providing more options for growth.”
Ah yes, “growth”—a lovely euphemism for more oil extraction, more carbon emissions, and more profits for investors like BlackRock and Vanguard, who continue to bankroll climate catastrophe while insisting they’re all about sustainability.
Shell may dress up its acquisitions with buzzwords like “portfolio expansion” and “cash flow optimization,” but at its core, this deal is just another move in the fossil fuel empire’s relentless pursuit of profit. The world may be in crisis, but Shell’s got shareholders to please, and if that means acquiring more assets to squeeze every last drop of oil out of the Earth, so be it.
So, congratulations, Shell. You’ve done it again—bought more of the problem while pretending to be part of the solution. What’s next? A “commitment to sustainability” press release while ramping up production? Oh wait, you’ve already got that covered.
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