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

Chevron Canada, an indirect subsidiary of Chevron Corporation (CVX), has announced that it, along with a related entity, has finalized an agreement to divest its 20% non-operated stake in the Athabasca Oil Sands Project, a 70% operated stake in the Duvernay shale, and associated interests, all situated in Alberta, Canada. These assets will be sold to Canadian Natural Resources Limited for $6.5 billion in an all-cash deal. In 2023, these assets yielded a production output of 84 thousand barrels of oil equivalent per day (boe/d), after accounting for royalties, to Chevron. This transaction is a strategic move in Chevron's ongoing plan to divest between $10 and $15 billion in assets by 2028 as part of optimizing its global energy portfolio.