Chevron to sell some Permian assets valued at more than $1 billion -sources​


FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

June 30, 2021

By Arathy S Nair and Shariq Khan

(Reuters) – Chevron Corp is looking to sell two collections of conventional oil and gas fields in the Permian Basin valued at more than $1 billion combined, three sources told Reuters.

The company has retained an investment bank to market Permian oil and gas fields valued at $879 million, and has additional assets of more than $200 million available for sale elsewhere in the basin, the sources said.

The company did not immediately respond to requests for comment.

Chevron is the latest oil major looking to shed assets in the largest U.S. oilfield, the Permian Basin.

Chevron has been evaluating other assets in the Permian and elsewhere, one of the people said, and could divest older assets over the year as it looks to boost investments in energy transition.

(Reporting by Arathy S Nair and Shariq Khan in Bengaluru, Jessica Resnick-Ault in New York and Gary McWilliams in Houston; Editing by Sriraj Kalluvila and Matthew Lewis)

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