Shell agrees to sell 16.67% North West Shelf stake to XRG for US$1.45 billion plus contingent payment

• Shell Australia agreed to sell its 16.67% non-operated interest in Western Australia's North West Shelf project to XRG subsidiaries.
• Base consideration is US$ 1.45 billion, subject to customary adjustments, with an additional milestone-linked contingent payment.
• The transaction is effective January 1, 2026, with closing expected in 2027, subject to conditions.
• Buyers will assume decommissioning obligations and provide security for those obligations.
• The sale supports a shift toward advantaged integrated gas investments as North West Shelf moves toward third-party toll processing.

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