Chevron Sells Canadian Oil Sands and Shale Assets to Canadian Natural Resources for $6.5 Billion in Cash

Oct 7, 2024, 09:35 AM

Chevron has agreed to sell its interests in the Athabasca Oil Sands and Duvernay Shale in Alberta to Canadian Natural Resources for US$6.5 billion. The transaction, which will be paid in cash, marks a significant divestment of Chevron's Canadian assets. This deal is seen as a strategic move for both companies, with Canadian Natural Resources expanding its portfolio and Chevron achieving a healthy exit price amid rising oil and gas transaction values.