Chevron to divest assets worth $6.5 billion to Canadian Natural Resources

(Reuters) -Chevron said on Monday it would sell its non-operated interest in the Athabasca Oil (OTC:ATHOF ) Sands project and its operated interest in Duvernay shale, all located in Alberta, Canada, to Canadian Natural (NYSE:CNQ ) Resources for $6.5 billion.



The all-cash transaction, expected to close during the fourth quarter of 2024, is part of the company's plan to divest $10 billion to $15 billion of assets by 2028.

The assets together contributed 84,000 barrels of oil equivalent per day (boepd) of production to Chevron (NYSE:CVX ) in 2023.

Source: Investing.com