ARC Resources Shareholders Approve Shell Deal at 99.54 Percent, Connecting C$22 Billion Montney Gas Portfolio to LNG Canada

ARC Resources Ltd. shareholders voted 99.54 percent in favor of a plan of arrangement with Shell plc at a special meeting held July 14, 2026. The resolution authorizes Shell Canada Limited, a wholly owned subsidiary of Shell plc, to acquire all outstanding ARC shares. The Court of King's Bench of Alberta was scheduled to hear the arrangement approval application on July 15, one day after the shareholder vote.

Deal Terms: C$32.80 Per Share and C$22 Billion Total Value

Shell agreed to pay C$32.80 per ARC share, a 27 percent premium to ARC's closing price on April 24, 2026, the last trading session before the April 27 announcement. Total transaction value reaches approximately C$22 billion, including assumed net debt. Shareholders receive consideration split 75 percent in Shell plc ordinary shares and 25 percent in cash. At ARC's reported production rate of approximately 410,000 barrels of oil equivalent per day, the implied enterprise value is roughly C$53,700 per flowing boe.

Shell Canada, LNG Canada, and the Montney Supply Chain

Shell Canada, the acquiring entity, is wholly owned by Shell plc. ARC Resources is Canada's largest pure-play Montney producer, with more than 1 million net acres across northeastern British Columbia and Alberta. The acquisition materials describe ARC's undeveloped Montney properties as "adjacent to Shell's operations which are connected to LNG Canada," the liquefied natural gas export terminal in Kitimat, BC. Shell Canada holds a 40 percent interest and operates LNG Canada alongside four international project partners.

Acquiring ARC gives Shell Canada direct upstream control over a Montney gas supply base that feeds its own LNG Canada liquefaction project. That integration runs from wellhead production in the Montney fairway through Shell-operated infrastructure to the Kitimat export terminal. The Montney formation holds an estimated 449 trillion cubic feet of marketable natural gas across BC and Alberta, per a 2013 joint industry study. ARC's more than 1 million net acres sit in the core of that fairway.

Three Regulatory Clearances Confirmed Before the Vote

ARC confirmed receipt of three major regulatory clearances before the July 14 shareholder meeting. Approvals under Canada's Competition Act and Canada Transportation Act are in hand, alongside US Hart-Scott-Rodino Antitrust Improvements Act clearance. The Alberta Securities Commission separately granted Shell exemptive relief related to its share buyback program. Subject to the Court of King's Bench order and any remaining customary closing conditions, the transaction is expected to close in the second half of 2026.

ARC shares will be delisted from the Toronto Stock Exchange upon closing. Proxy advisory firms ISS and Glass Lewis both recommended voting in favor, citing the 27 percent premium and the strategic fit with Shell's Canadian LNG strategy. ARC filed the management information circular on June 12, 2026.

Context: Supermajors Deepening Canadian Resource Integration

The Shell-ARC transaction follows a broader pattern of international majors committing to Canadian energy supply chains. Our prior coverage of the 1 million bpd West Coast pipeline framework noted that ExxonMobil subsidiary Imperial Oil joined four oil sands peers in a multibillion-dollar infrastructure agreement. Shell's approach differs: rather than committing capital to a greenfield crude pipeline, Shell is acquiring 410,000 boe/d of producing Montney gas output with a direct route to its own export terminal. Both strategies reflect the same thesis: Canadian energy infrastructure is shifting toward long-term export orientation.