Canadian Natural Resources to acquire an additional 20% stake in Athabasca Oil Sands Project from Chevron for $6.5bn.

Canadian Natural Resources, a Canadian oil and natural gas company, agreed to acquire an additional 20% stake in Athabasca Oil Sands Project from Chevron, a multinational energy corporation, for $6.5bn. “These assets are a great fit for Canadian Natural and will allow us to further implement our strong operating culture and drive significant value for shareholders. We have made significant progress in driving efficiencies at AOSP over the last 7 years since the original acquisition in May 2017. We expect further efficiencies and improved performance going forward as a result of our relentless focus on continuous improvement. The light crude oil and liquids rich Duvernay assets fit well with our current operations in the area and will drive significant value from our area knowledge and significant experience in this type of resource play. Both acquisitions provide Canadian Natural with immediate free cash flow generation and further opportunities to drive long term shareholder value,” Scott Stauth, Canadian Natural President.