Chevron Announces US$6.5 bn Sale of Its Interests In The Athabasca Oil Sands Project and Duvernay Shale

Chevron Canada Limited, a subsidiary of Chevron Corporation “Chevron”, announced today that it and a related entity have finalized a definitive agreement to sell their 20 percent non-operated stake in the Athabasca Oil Sands Project and 70 percent operated interest in the Duvernay shale, along with related interests, all situated in Alberta, Canada, to Canadian Natural Resources Limited.

The all-cash transaction, valued at $6.5 billion, will take effect on September 1, 2024, and is anticipated to close in the fourth quarter of 2024, pending regulatory approvals and other standard closing conditions.

The assets involved in this agreement contributed 84,000 barrels of oil equivalent per day (boe/d) to Chevron's production, net of royalties, in 2023. This sale is part of Chevron’s previously stated strategy to divest $10–15 billion in assets by 2028 to optimize its global energy portfolio.