National Fuel Completes Acquisition of Shell Pennsylvania Upstream and Midstream Assets

(P&GJ) — National Fuel Gas Company has completed the purchase of integrated upstream and midstream gathering assets in Pennsylvania from SWEPI LP, a subsidiary of Royal Dutch Shell, in an all cash transaction of approximately $504 million, after customary purchase price adjustments.

“The closing of the largest acquisition in our 118-year history marks an exciting time for the Company, and leaves us well-positioned for the long-term,” said David P. Bauer, the Company’s President and Chief Executive Officer.

The Company expects this acquisition to be highly accretive to its earnings per share in fiscal 2021, driven by significant acquired flowing production and related gathering throughput, further unit cost reductions, and its strong hedge position.

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