Canadian Natural Resources Limited (TSX:CNQ) entered into an agreement to acquire 70% Operated Interest in Duvernay Shale located in Alberta, Canada from Chevron Canada Limited on October 7, 2024. In a related transaction, Canadian Natural Resources Limited (TSX:CNQ) entered into an agreement to acquire 20% Non-Operated Interest in Athabasca Oil Sands Project from Hess Corporation (NYSE:HES). The consideration will be $6.5 billion all-cash for both transaction. The transaction is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close during the fourth quarter of 2024. Simon C. Baines, Janice Buckingham, KC, Mike Proudfoot, Kaeleigh Kuzma, Olivia Dixon, Brad Gilmour, Sander Duncanson, Sameena Sarangi, Shaun Parker, Jonathan Marin and Sam Ip of Osler, Hoskin & Harcourt LLP acted as legal advisors to Chevron Canada in the transaction. David Higbee and Jonathan Cheng of A&O Shearman acted as legal advisors to Chevron. Nancy Diep and Len Glass of Lawson Lundell acted as legal advisors to Chevron. Pat Maguire, Ashley White, Greg Johnson, Zee Derwa, Stephen Burns and Laura Inglis of Bennett Jones acted as legal advisors to Canadian Natural Resources.

Canadian Natural Resources Limited (TSX:CNQ) completed the acquisition of 70% Operated Interest in Duvernay Shale located in Alberta, Canada from Chevron Canada Limited on December 6, 2024.