Chevron Reveals $6.5bn Sale of Interests in Canada to CNRL

HOUSTON, TEXAS (Energy Analytics Institute, 7.Oct.2024) — Chevron Canada Limited, an indirect subsidiary of Chevron Corporation, and a related entity entered into a definitive agreement to sell their 20% percent non-operated interest in the Athabasca Oil Sands Project, 70% operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Limited (CNRL).

The $6.5bn all-cash transaction has an effective date of 1 Sep. 2024, Chevron announced 7 Oct. 2024 in an official statement.

The transaction is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

The assets subject to the agreement contributed 84,000 boe/d of production, net of royalties, to Chevron in 2023. 

The transaction is in line with Chevron’s previously announced plans to divest $10bn–$15bn in assets by 2028 to optimize its global energy portfolio.

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By Ian Silverman. © 2024 Energy Analytics Institute (EAI). All Rights Reserved.