Reliance Industries Limited exits shale gas business in North America

Reliance Industries Limited has divested all its shale gas assets in North America

Reliance Industries Limited has exited the shale gas business in North America. Confirming the development about divestment of all its shale gas assets, Reliance Industries Limited said that Reliance Eagleford Upstream Holding -- a wholly-owned step-down subsidiary of RIL -- announced the signing of agreements with Delaware-based limited liability company Ensign Operating III, LLC, to divest its interest in certain upstream assets in the Eagleford shale play of Texas, US.

In a statement, RIL said that a purchase and sale deal has been inked between Reliance Eagleford Upstream Holding and Ensign on November 5. It further said that the sale agreement is at a consideration higher than the current carrying value of the assets. While Gibson, Dunn & Crutcher LLP were the legal counsel for Reliance, Citigroup Global Markets was its financial advisor.

To note, Reliance Industries Limited reported a consolidated turnover of Rs 539,238 crore, cash profit of Rs 79,828 crore and net profit of Rs 53,739 crore for the year ended March 31, 2021. The group's presence spans petrochemicals, petroleum refining and marketing, hydrocarbon exploration and production, retail and digital services.

It is also the top-most ranked company from India to find a spot among Fortune's Global 500 list of the world’s largest firms. The company is ranked 55th in the Forbes Global 2000 rankings of the world's largest public companies for 2021 -- the top-most among Indian firms.