Deals
Shell Eyes Deal for Endeavor Energy as Price Tag Drops
- Permian oil explorer could now fetch about $8 billion in sale
- Was initially expected to sell for $15 billion, including debt
A worker waits to connect a drill bit on Endeavor Energy Resources LP's Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas.
Photographer: Brittany Sowacke/Bloomberg
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Royal Dutch Shell Plc is in negotiations to buy Endeavor Energy Resources LP for about $8 billion, according to people familiar with the matter, or roughly half as much as the Texas oil producer was expected to fetch when it put itself on the block this year.
Exxon Mobil Corp., Chevron Corp. and ConocoPhillips also weighed bids for Endeavor but their interest has waned, said the people, who asked not to be identified because the matter isn’t public.