Chevron Sells $6.5B Assets To Canadian Natural Resources: Details
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 07 2024
0mins
Should l Buy CVX?
Source: Benzinga
Chevron and Canadian Natural Resources Deal: Chevron is selling a $6.5 billion stake in various projects, including its 20% interest in the Athabasca Oil Sands Project, to Canadian Natural Resources as part of a strategy to divest $10 billion-$15 billion in assets by 2028.
Impact on Canadian Natural Resources: The acquisition is expected to enhance Canadian Natural's production capacity and reserves significantly, while also leading to a 7% dividend increase for shareholders, with a focus on cash flow generation and debt reduction.
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Analyst Views on CVX
Wall Street analysts forecast CVX stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 187.020
Low
158.00
Averages
176.95
High
206.00
Current: 187.020
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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