Chevron Sells Canada Oil Sand, Shale Assets for $6.5 Billion
- Deal relates to Athabasca oil sands, Duvernay shale in Canada
- Chevron has focused increasingly on other areas for growth
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Chevron Corp. agreed to sell stakes in oil sands and shale assets in Western Canada to Canadian Natural Resources Ltd. for $6.5 billion.
The deal relates to Chevron’s 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, both in the province of Alberta, according to a statement from the company on Monday. The all-cash transaction has an effective date of Sept. 1 and is expected to close during the fourth quarter, subject to regulatory approvals.