Chevron Buys Encana, EOG Stake in Kitimat LNG Terminal

Chevron Corp., the second-largest U.S. oil company, agreed to buy a 50 percent stake in the proposed Kitimat liquefied natural gas terminal from Encana Corp. and EOG Resources Inc., joining the competition to ship the fuel from North America to Asian markets.

Chevron will also acquire 50 percent of a pipeline serving the Canadian project and drilling rights for 644,000 acres in British Columbia’s Horn River and Liard basins, according to a statement from the San Ramon, California-based company today. It will operate the LNG terminal and pipeline, and project partner Apache Corp. will handle the acreage.