Chevron Canada, a subsidiary of energy giant Chevron, has announced a groundbreaking $6.5 billion sale of its Canadian assets to Canadian Natural Resources Limited. This strategic move includes divesting its 20% stake in the Athabasca oil sands project and other holdings in Alberta, as well as a 70% interest in light oil and liquids-rich assets in the Duvernay area. The transaction, expected to close in Q4 2024, aligns with Chevron's plan to optimize its global energy portfolio by selling $10-15 billion in assets by 2028. This divestment will significantly alter Chevron's production profile, as the sold assets contributed 84,000 barrels of oil equivalent per day to total production in 2023.
Attractive Dividend Yield Draws Investors
Despite challenges in the energy sector, Chevron's stock has shown resilience, gaining 3.83% in the past month to reach €137.33. The company's robust dividend policy further enhances its appeal to income-oriented investors. For the 2024 fiscal year, Chevron plans to distribute a dividend of €6.52 per share, offering an attractive yield of 4.75%. This generous payout underscores the company's solid financial position and reinforces its attractiveness in a volatile market environment.
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