Chevron Sells Canada Oil Sand, Shale Assets for $6.5 Billion (3)

Chevron Corp. agreed to sell stakes in oil sands and shale assets in Western Canada to Canadian Natural Resources Ltd. for $6.5 billion.

The deal relates to Chevron’s 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, both in the province of Alberta, according to a statement from the company on Monday. The all-cash transaction has an effective date of Sept. 1 and is expected to close during the fourth quarter, subject to regulatory approvals.

The asset sale comes as Chevron focuses its growth plans increasingly in other parts of the world, notably ...