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Oil giant Royal Dutch Shell announced a deal to sell the entirety of its Permian Basin assets to ConocoPhillips.

ConocoPhillips is purchasing the West Texas business for $9.5 billion in cash, according to a press release. The sale is set to close in the fourth quarter this year, the companies said.

An increase in the company’s quarterly ordinary dividend from 43 cents per share to 46 cents per share, representing an approximate 7-percent increase and a current dividend yield of 3-percent The dividend is payable on Dec. 1, 2021, to stockholders of record at the close of business on Oct. 28, 2021.

More from ConocoPhillips can be found here.