Chevron Corporation
Chevron Announces $6.5 Billion Sale of Canadian Assets to Canadian Natural Resources
Summary
On October 7, 2024, Chevron Corporation announced that its indirect subsidiary, Chevron Canada Limited, and a related entity agreed to sell certain assets in Alberta, Canada to Canadian Natural Resources Limited for $6.5 billion. The assets, which contributed 84 thousand barrels of oil equivalent per day (boe/d) in 2023, include a 20 percent non-operated interest in the Athabasca Oil Sands Project and a 70 percent operated interest in the Duvernay shale. The transaction, effective September 1, 2024, is expected to close in Q4 2024, subject to regulatory approvals and customary closing conditions. This sale is part of Chevron's strategy to divest $10-15 billion in assets by 2028.
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About Chevron Corporation
Chevron Corporation is an integrated energy company operating globally in the exploration, production, and transportation of crude oil and natural gas. Its primary function is to harness energy resources, converting them into products essential for modern life. Chevron covers upstream operations such as oil exploration and drilling, and downstream processes including refining, distribution, and marketing of refined petroleum products. Additionally, Chevron invests in renewable energy projects, aiming to create a balanced energy portfolio. As one of the major players in the oil and gas industry, Chevron significantly impacts sectors including manufacturing, transportation, and energy production. Headquartered in San Ramon, California, this multinational corporation plays a pivotal role in meeting global energy demands and contributes to shaping future energy policies.
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