CVX Stock Recent News

CVX's subsidiary plans to sell the company's non-operated interests in Alberta oil assets to Canadian Natural, advancing its strategic divestment goals.

Chevron is cashing in on its Canadian assets.

Canadian Natural Resources Limited (CNQ, Financial) has announced its agreement to acquire Chevron Canada's 20% stake in the Athabasca Oil Sands Project situated in Alberta, raising its ownership to 90%. This acquisition based on Oil sand mines and a carbon capture facility, will add 62,500 barrels per day of Synthetic Crude Oil to CNQ's production.

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Chevron (CVX, Financial) is selling its stakes in two Canadian shale assets to Canadian Natural Resources (CNQ, Financial) for $6.5 billion in cash. The deal includes a 20% interest in the Athabasca Oil Sands project and a 70% interest in the Duvernay Shale, which together produced 84,000 barrels of oil equivalent per day in 2023.

Canadian Natural Resources Limited (TSX:CNQ) is acquiring a 20% interest in the Athabasca Oil Sands Project (AOSP) in Alberta, Canada from Chevron Corporation (NYSE:CVX, ETR:CHV)'s indirect subsidiary Chevron Canada bringing its stake in the project to 90%. Canadian Natural is also acquiring Chevron's 70% operated working interest in Duvernay shale, also located in Alberta.

Chevron (CVX, Financial) has agreed to sell its stakes in Canadian oil sands and shale assets to Canadian Natural Resources (CNQ) for $6.5 billion. This transaction includes a 20% interest in the Athabasca oil sands project and a 70% share in the Duvernay shale project in Alberta.

Chevron said on Monday that it would sell its non-operated interest in the Athabasca Oil Sands Project and its operated interest in Duvernay shale, all located in Alberta, Canada, to Canadian Natural Resources for $6.5 billion.

Calgary, Alberta--(Newsfile Corp. - October 7, 2024) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces that it entered into an agreement to acquire, subject to regulatory approvals, from Chevron Canada Limited ("Chevron") its 20% interest in the Athabasca Oil Sands Project ("AOSP"), which includes 20% of the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility. This acquisition brings Canadian Natural's total current working interest in AOSP to 90%.

I believe Chevron Corporation is a great value pick in the oil and gas industry due to its strong production prospects in 2025/26, financial stability, and discounted valuation. Despite recent profit declines, Chevron's balance sheet remains solid with $9 billion in cash and a low net debt-to-equity ratio of 10.7%. Chevron's strategic acquisitions and focus on the Permian Basin are expected to drive significant production growth, aiming for 4 million barrels per day by 2027.