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. 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 and more than 1.5 million net acres in the Montney basin across British Columbia and Alberta. ARC held around 2 billion boe of proved and probable reserves at the end of 2025. The assets are close to Shell’s existing Montney operations and support its Canadian LNG strategy, including potential future value from LNG Canada, in which Shell owns a 40% interest. ARC previously said its undeveloped gas properties could support additional value through Shell’s integrated LNG business, including a potential second phase of LNG Canada. Shell expects the acquisition to raise annual production growth across its Integrated Gas and Upstream businesses to around 4% through 2030, compared with 2025. The company expects double-digit returns and says the deal will increase free cash flow per share beginning in 2027. Shareholders gave the transaction overwhelming backing in July, and it received its final major regulatory approval from the Canadian government on August 25. The transaction follows a surge in global competition for natural gas assets, with gas-focused mergers and acquisitions reaching their highest level in more than a decade during the first half of 2026. Oilprice Intelligence is promoting a free twice-weekly subscription, offering geopolitical intelligence, inventory data and market commentary, along with $389 in premium energy intelligence for new subscribers; it says the service has more than 400,000 readers.