Chevron Canada Enters $6.5 Bn Sale Of Interests In Athabasca Oil Sands Project, Duvernay Shale

(RTTNews) - Chevron Canada, an indirect subsidiary of Chevron (CVX), said the company and a related entity have entered into a definitive agreement to sell their 20 percent non-operated interest in the Athabasca Oil Sands Project, 70 percent operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Limited, in a $6.5 billion all-cash transaction. The assets contributed 84 thousand boe/d of production, net of royalties, to Chevron in 2023.

The transaction progresses Chevron's plans to divest $10-15 billion in assets by 2028 to optimize its global energy portfolio.