Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.
Canadian Natural Resources Ltd. logo is shown in a handout. Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion. Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.
With the deal, U.S.-based Chevron becomes the latest foreign company to exit the Canadian oilsands. Others that have made similar moves in recent years include Norway’s Statoil, France’s Total SA, and Arkansas-based Murphy Oil. The company is already a large producer of natural gas and light crude oil, with a vast land base across Western Canada. Stauth said there are "significant" new drilling opportunities among the Chevron assets being bought, and added CNRL sees the potential to grow production to 70,000 boe/d by 2027.
CNRL also said Monday it will increase its quarterly dividend to shareholders by seven per cent to 56.25 cents per share starting with its next regular payment in January 2025. The contents of entire homes have been kicked to the curb in one south Tampa neighbourhood. Piles of garbage bags, broken trees and waterlogged furniture serve as reminders of how unforgiving nature can be.The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop.
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