Shell has completed its acquisition of Canadian oil and gas producer ARC Resources at an updated enterprise value of approximately $16.5 billion, including $2.5 billion in net debt and leases, and applied to the London Stock Exchange to admit 228,003,843 new €0.07 ordinary shares issued as part of the consideration. ARC shareholders receive C$8.20 in cash and 0.40247 Shell shares for each ARC share. The transaction adds around 370,000 barrels of oil equivalent per day of natural gas and liquids production, more than 1.5 million net acres in the Montney basin across British Columbia and Alberta, and around 2 billion boe of proved and probable reserves held by ARC at the end of 2025. Shell expects the acquisition to support approximately 4% annual production growth across its Integrated Gas and Upstream businesses through 2030, double-digit returns and higher free cash flow per share from 2027. The new shares are expected to begin trading on the London Stock Exchange Main Market on September 3, 2026, subject to admission.