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

Oct 7, 2024, 11:17 AM

Chevron has agreed to sell its interests in the Athabasca Oil Sands Project and Duvernay Shale to Canadian Natural Resources for $6.5 billion in cash. The assets, located in Alberta, include a 20% non-operated interest in the Athabasca Oil Sands Project and a 70% operated interest in the Duvernay Shale. This divestment aligns with Chevron's strategy to focus its growth plans in other regions. The acquisition will add 122,500 barrels of oil equivalent per day to Canadian Natural Resources' production profile. Shares of Canadian Natural Resources rose 2.90% premarket following the announcement.