Canadian Natural Resources buying Chevron Alberta assets in deal worth US$6.5B

Canadian Natural Resources Ltd. has signed a woody to bargain Chevron Canada Ltd.’s interests successful the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.

“These assets are a large acceptable for Canadian Natural and volition let america to further instrumentality our beardown operating civilization and thrust important worth for shareholders,” Canadian Natural president Scott Stauth said successful a connection Monday.

“Both acquisitions supply Canadian Natural with contiguous escaped currency travel procreation and further opportunities to thrust agelong word shareholder value.”

The woody includes Chevron’s 20 per cent involvement successful the Athabasca Oil Sands Project, which includes 20 per cent of the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility.

The transaction volition bring Canadian Natural’s full existent moving involvement successful the operations to 90 per cent.

Canadian Natural volition besides get Chevron’s 70 per cent operated moving involvement of airy crude lipid and liquids affluent assets successful the Duvernay play successful Alberta.

The all-cash statement has an effectual day of Sept. 1, 2024, and is expected to adjacent during the 4th fourth of 2024, taxable to regulatory approvals and different customary closing conditions.

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In addition, Canadian Natural says it volition summation its quarterly dividend to shareholders by 7 per cent to 56.25 cents per stock starting with its adjacent regular outgo successful January 2025.