Deals
Canadian Oil Gets More Canadian as Internationals Pull Back
- Canadian Natural buys Alberta fields, plants for $9.4 billion
- Purchase comes after Exxon, Conoco reduced their reserves
The Syncrude Canada Ltd. oil sands upgrading plant near Fort McMurray, Alberta, Canada, on June 4, 2015.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
The future of the Canadian oil sands is looking a lot more Canadian.
Calgary-based Canadian Natural Resources Ltd. said Thursday it will spend C$12.7 billion ($9.4 billion), its biggest purchase ever, to buy Alberta oil fields and facilities that process the sticky bitumen from oil sands from Royal Dutch Shell Plc and Marathon Oil Corp.