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CVX - Oil Majors In The Wrong Part Of The Duvernay?
Chevron Corporation
The oil majors (and Kuwait) paid up to get into the West Duvernay: Chevron (CVX) made a splash buying into the Kaybob area (West) Duvernay in 2013, paying just under $1 billion for 67,900 net acres, or just under $15,000 per acre. Production through Pembina's (PBA) facilities should come online later this year. Chevron resold 1/3 of its position to Kuwait's FPEC in 2014 for around $15,000/acre. Exxon (XOM) bought Celtic in 2012, acquiring 104,000 net West Duvernay acres and other assets for $3.1 billion. Shell (RDS.A)