Chevron Corporation (NYSE:CVX) and Canadian Natural Resources Limited (NYSE:CNQ) shares are trading higher premarket on Monday. Chevron’s subsidiary penned a deal to sell a stake in several projects and assets to Canadian Natural Resources for $6.5 billion in cash.
In particular, the oil and gas giant plans to sell its 20% non-operated stake in the Athabasca Oil Sands Project, 70% operated interest in the Duvernay shale, and related Alberta assets.
This sale is part of Chevron’s plan to divest $10 billion-$15 billion in assets by 2028 to streamline its global energy portfolio.
The deal, effective September 1, 2024, is expected to close in the fourth quarter of 2024, pending regulatory approvals.
Read: Analyst Questions ‘What Could Hess Be Worth?’ As Chevron Advances In Acquisition Efforts
These acquisitions are ...
