Royal Dutch Shell plc, through its affiliate SWEPI LP (Shell), has reached an agreement with National Fuel Gas Co. (NFG) and its subsidiaries, Seneca Resources Co. LLC, National Fuel Gas Midstream Co. LLC and NFG Midstream Covington LLC (together, “National Fuel”), to sell its Appalachia shale gas position for $541 million, subject to closing adjustments.

The consideration is intended to be paid in cash, but National Fuel has the option to provide up to $150 million of NFG common stock as consideration.

The transaction includes the transfer of approximately 450,000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities. The transaction also includes the transfer of the Shell-owned and operated midstream infrastructure. The sale is subject to regulatory approvals and, at press time, was expected to close by the end of July.

For more information, visit www.shell.com or call (832) 337-2034.