Chevron (CVX) Sells Canadian Oil Sands and Shale Assets for $6.5 Billion
CVXChevron(CVX) Gurufocus·2024-10-07 22:31

Chevron (CVX, Financial) has agreed to sell its stakes in Canadian oil sands and shale assets to Canadian Natural Resources (CNQ) for $6.5 billion. This transaction includes a 20% interest in the Athabasca oil sands project and a 70% share in the Duvernay shale project in Alberta.The all-cash deal, effective from September 1, is expected to close in the fourth quarter, subject to regulatory approvals. Chevron is refocusing its growth strategy on other regions, particularly the Permian Basin in the United St ...