U.S. oil major Chevron (CVX) has sold some of its Alberta oil sands assets to Canadian Natural Resources (CNQ) for $6.5 billion. The sale concerns Chevron’s 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale project, both located in Alberta. The all-cash sale is expected to close by year’s end, according to Chevron. The asset sale comes as Chevron focuses its growth on the Permian basin in Texas and the Tengiz oil field in Kazakhstan, where a $48.5 billion U.S. expansion is almost completed. Chevron is also in the process of buying Hess Corp. (HES) for $…
Author: sdaddario
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