Chevron Canada Limited, an indirect subsidiary of Chevron Corporation, announced that it and a related entity have entered into a definitive agreement to sell their 20 percent non-operated interest in the Athabasca Oil Sands Project, 70 percent operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Limited.

The US$6.5 billion all-cash transaction has an effective date of September 1, 2024, and is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

The assets subject to the agreement contributed 84 thousand boe/d of production, net of royalties, to Chevron in 2023. This transaction progresses Chevron’s previously announced plans to divest $10-15 billion in assets by 2028 to optimize its global energy portfolio.