Shell plc has agreed to buy ARC Resources Ltd. in a $16.4 billion deal, combining equity and debt. The acquisition will add about 370,000 barrels of oil equivalent per day to Shell’s production, making it one of the company’s biggest moves since its purchase of BG Group in 2016. The deal is to improve Shell’s long-term oil and gas output as it leans into its core business. Why Shell wants ARC Resources ARC Resources operates in the Montney shale basin in Canada, a region known for high-quality and relatively low-cost energy production. Shell CEO Wael Sawan called it “a high-quality, low-cost and top quartile low carbon intensity producer” and said the assets would support the company for decades.