Chevron Canada Limited, a subsidiary of Chevron Corporation, has signed a definitive agreement to sell its 20% non-operated interest in the Athabasca Oil Sands Project and its 70% operated interest in the Duvernay shale, along with related assets, to Canadian Natural Resources Limited. These assets are all located in Alberta, Canada.

The deal, valued at $6.5 billion, is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

This transaction aligns with Chevron’s previously announced plans to divest $10–15 billion in assets by 2028 to optimize its global energy portfolio.

Notably, the assets within the agreement have contributed 84 thousand barrels of oil equivalent per day (boe/d) of production, net of royalties, to Chevron in 2023.