Deals
Chevron to Sell Stake in Canadian Shale for $1.5 Billion
This article is for subscribers only.
Chevron Corp. agreed to sell a 30 percent stake in a venture to develop oil and natural gas from Canada’s Duvernay shale to Kuwait Petroleum Corp., giving the Mideast producer a foothold in a top North American play.
Chevron, the second-largest U.S. oil and gas producer, said the $1.5 billion purchase price includes cash and an agreement to contribute to the venture’s capital costs. Chevron has drilled 16 exploration wells in the area so far, the San Ramon, California-based company said in a statement today.