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Friday, Chevron company (New York Stock Exchange:CLC) reported that it is offering its Duvernay Shale natural gas business in Canada for sale.
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Reuters reported that this move is part of its efforts to simplify global operations after several large acquisitions.
The assets produce about 40,000 barrels of oil and gas per day on about 235,000 acres (951.01 square kilometers) in the Duvernay field in central Alberta and could be worth up to $900 million, according to the Houston-based consulting firm. In the report.
After their agreements with Hess company (New York Stock Exchange:Hess), PDC Energy and Noble Energy, Chevron said it plans to deliver assets worth approximately $10 billion and $15 billion by 2028.
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“We are in a strong position and proud of our performance at Duvernay. The business has significant value in both its current production and potential growth opportunities, which we expect will be attractive to other companies with complementary portfolios,” a company spokesperson told Reuters.
It is worth noting that Chevron initially announced plans to establish the East Kaybob block in Alberta's Duvernay field in 2017, after three years of evaluating the area. The giant oil company owns 243 wells in the field connected to production facilities as of 2022.
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Chevron will report fourth-quarter fiscal 2024 results on February 2, 2024.
Chevron stock movement
CVX shares are trading 0.04% lower at $142.20 before the open at last check on Monday.
