Reported about 11 hours ago
Chevron Corp. has agreed to divest its stakes in oil sands and shale assets in Western Canada to Canadian Natural Resources Ltd. for $6.5 billion, involving a 20% interest in the Athabasca Oil Sands Project and a 70% holding in Duvernay shale in Alberta. This all-cash deal, effective from September 1, is set to close in the fourth quarter pending regulatory approval. Chevron is shifting focus to growth opportunities in regions like the Permian basin and Kazakhstan, following a trend of major oil producers divesting Canadian interests amidst changing market dynamics.
Source: YAHOO