Canadian Natural Resources Expands Alberta Footprint with Chevron Asset Buy, Boosts Dividend 7%
CVXChevron(CVX) Gurufocus·2024-10-08 02:11

Canadian Natural Resources Limited (CNQ, Financial) has announced its agreement to acquire Chevron Canada's 20% stake in the Athabasca Oil Sands Project situated in Alberta, raising its ownership to 90%. This acquisition based on Oil sand mines and a carbon capture facility, will add 62,500 barrels per day of Synthetic Crude Oil to CNQ's production. The Athabasca Oil Sands Project includes 20% of the Muskeg River and Jackpine mines, as well as the Scotford upgrader and the Quest carbon capture and storage p ...