ARC Resources Ltd. said its shareholders have overwhelmingly approved the company's previously announced acquisition by Shell, marking another key milestone for the proposed transaction.

At a special meeting held on Tuesday, approximately 99.54% of votes cast supported the arrangement, which will see Shell acquire the Canadian Montney-focused producer. The vote clears a major shareholder hurdle as the companies continue working toward closing the deal.

The transaction has already secured several important regulatory approvals, including clearance under Canada's Competition Act, the Canada Transportation Act, and the U.S. Hart-Scott-Rodino Antitrust Improvements Act. In addition, the Alberta Securities Commission granted Shell exemptive relief related to its share buyback programs in the UK and the Netherlands, satisfying another closing condition.

The next major step is a hearing before the Court of King's Bench of Alberta, scheduled for July 15, to seek approval of the arrangement.

Subject to court approval, remaining regulatory clearances, and customary closing conditions, ARC expects the acquisition to be completed in the second half of 2026. Following completion, ARC's shares are expected to be delisted from the Toronto Stock Exchange.

The deal represents a significant expansion of Shell's Canadian upstream portfolio, strengthening its position in the prolific Montney formation, one of North America's most productive natural gas and liquids-rich resource plays. The acquisition aligns with Shell's strategy of reinforcing its integrated gas business while adding long-life, low-cost production assets in Canada.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com

• Utility-Scale Solar Costs Rise 18% but Remain Cheapest Power Source

• Two Geothermal Bets Are Starting to Undercut Nuclear on Cost

• Iran Says It Will Continue Exporting Oil Despite Canceled U.S. Waiver

Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.

You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.