Chevron Corp., the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada’s Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation. The company has discussed with investment banks the prospect of selling the stake in the western Canadian oil sands project, a source said.
The possible sale comes after Royal Dutch Shell last month agreed to sell most of its Canadian oil sands assets to Canadian Natural Resources Ltd. for $8.5 billion.
A Chevron spokesman and a Canadian Natural spokeswoman declined to comment.