Chevron sells interests in Athabasca Oil Sands Project and Duvernay shale

Chevron Canada Limited, a subsidiary of Chevron, joined a related entity to sell their 20 percent non-operated interest in the Athabasca Oil Sands Project, 70 percent operated interest in the Duvernay shale, and related interests in Alberta, Canada, to Canadian Natural Resources Limited.

The $6.5 billion all-cash transaction has an effective date of 1 September 2024, and is expected to close in Q4 2024, subject to regulatory approvals and other customary closing conditions.

The assets subject to the agreement contributed 84 thousand barrels of oil per day of production, net of royalties, to Chevron in 2023. This transaction progresses Chevron’s previously announced plans to divest $10-15 billion in assets by 2028 to optimize its global energy portfolio.