Chevron has sold its oil sands assets in Western Canada to Canadian Natural Resources Ltd. for $8.8 billion.
This sale aligns with Chevron’s strategy to focus on growth in other regions, such as the Permian Basin in the United States and the Tengiz field in Kazakhstan, where a US$48.5 billion expansion project is nearing completion.
Additionally, Chevron is in the process of acquiring Hess Corp. for US$53 billion, which would provide the company with a stake in one of the world’s exploration hotspots—Guyana.
Following the announcement, Chevron shares rose by as much as 1.3 percent before the start of regular trading in New York. This divestment marks another significant move by a major oil producer to reduce its involvement in Canadian oilsands operations.
