Chevron Sells Canadian Shale Assets to Canadian Natural Resources for $6.5 Billion
CVXChevron(CVX) Gurufocus·2024-10-08 01:14

Chevron (CVX, Financial) is selling its stakes in two Canadian shale assets to Canadian Natural Resources (CNQ, Financial) for $6.5 billion in cash. The deal includes a 20% interest in the Athabasca Oil Sands project and a 70% interest in the Duvernay Shale, which together produced 84,000 barrels of oil equivalent per day in 2023.Key points:CNQ's stock is rising due to the acquisition and strong crude prices. The company also increased its quarterly dividend by 7%, expecting the new assets to boost producti ...