Chevron: major asset sale in Alberta

(CercleFinance.com) - Chevron announces that its indirect subsidiary Chevron Canada Ltd has entered into an agreement to sell certain of its assets located in the Canadian Province of Alberta, to Canadian Natural Resources Ltd, for US$6.
5 billion.

The assets involved, namely a 20% non-operated interest in the Athabasca Oil Sands project, a 70% operated interest in the Duvernay formation and associated interests, represented 84.000 boe/d of production (net of royalties) for Chevron in 2023.

This all-cash transaction is expected to close in this fourth quarter of 2024, subject to regulatory approvals and other customary conditions.

Chevron explains that this transaction advances its previously announced plans to divest $10-15 billion of assets by 2028 to optimize its global portfolio.

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