Canadian Natural Resources Acquires Chevron's Alberta Assets for $6.5 Billion

The deal, expected to close in late 2024, expands Canadian Natural's stake in the Athabasca Oil Sands Project to 90%.

Canadian Natural Resources Ltd. will purchase Chevron's 20% interest in the Athabasca Oil Sands Project and 70% interest in the Duvernay shale assets.
The acquisition is part of Chevron's strategy to divest $10 billion to $15 billion in assets by 2028.
Canadian Natural aims to increase its production by 122,500 barrels of oil equivalent per day by 2025 as a result of this acquisition.
The transaction is set to be finalized in the fourth quarter of 2024, pending regulatory approvals.
Following the acquisition, Canadian Natural plans to raise its quarterly dividend by 7%, starting in January 2025.