Oil & Gas

ARC Resources announced on Tuesday that its shareholders overwhelmingly approved the company's proposed acquisition by Shell, marking another major milestone for one of the largest energy transactions of the year.

The deal received the backing of 99.54% of votes cast during a special shareholder meeting. Earlier this year, Shell agreed to acquire the Canadian natural gas producer for $16.4 billion as part of its strategy to strengthen its North American natural gas business.

The companies have already secured several key regulatory approvals, including competition clearances from authorities in both Canada and the United States. The remaining step is a hearing before the Court of King's Bench of Alberta, which is scheduled for Wednesday. If approved, the transaction will move closer to completion.

Following the shareholder vote, Shell said it plans to restart its share buyback program. The company explained that the portion of the $3 billion buyback announced with its first-quarter results that was paused to comply with securities regulations will be completed during the remainder of 2026, subject to board approval.

Shell had suspended the program last month as required under rules governing the acquisition process.

The Alberta Securities Commission has also granted Shell exemptions from certain requirements tied to its share repurchase programs in the United Kingdom and the Netherlands, satisfying another closing condition for the acquisition. The transaction is expected to be finalized in the second half of 2026, after which ARC Resources' shares will be delisted from the Toronto Stock Exchange.