Chevron sells its Canadian assets for $6.5 billion By Investing.com

Chevron sells its Canadian assets for $6.5 billion By Investing.com
Chevron sells its Canadian assets for $6.5 billion By Investing.com

Chevron (NYSE:) has agreed to sell certain oil sands and shale assets in Alberta, Canada, to Canadian Natural Resources. The deal, valued at $6.5 billion, includes Chevron’s non-operated interests in the Athabasca Oil Sands project and its operated interests in the Duvernay shale formation.

The transaction, which will be completed in cash, aligns with Chevron’s broader goal to streamline its portfolio by divesting assets worth $10 billion to $15 billion by 2028. The targeted assets are contributors significant increases to Chevron’s production, adding 84,000 barrels of oil equivalent per day (boe/d) to the company’s production in 2023.

This transaction is expected to close in the fourth quarter of 2024, marking a substantial shift in Chevron’s asset base and providing Canadian Natural Resources with a notable expansion of its operations in the energy-rich Alberta region. Chevron, listed on the New York Stock Exchange under the symbol NYSE:CVX, continues to reshape its asset portfolio as part of its long-term strategy.

Reuters contributed to this article.

This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.

-

-

PREV after two seasons without a derby, the Stéphanois will once again challenge OL… Follow the Ligue 1 match
NEXT Solution DCE Ballon d'Or Challenge 3 EA FC 25 – Guides