Chevron to sharpen US Gulf focus with sale of older assets
CVX•Chevron is marketing stakes in mature US Gulf assets, including Petronius, Tubular Bells and Llano, as it focuses on newer regional developments. The potential sales could raise around $1 billion, sources said, though Chevron said there is no guarantee they will proceed.
1. Assets put up for sale
Chevron is in the early stages of a multi-month process to market interests in Petronius, Tubular Bells, Llano and several other operated and non-operated fields. A company spokesperson said the effort is intended to align its portfolio with its priorities, but there is no guarantee of sales.
2. Focus on newer projects
Chevron is targeting US Gulf production of 300,000 barrels of oil equivalent per day by year-end. Newer developments include Anchor, its first platform producing at ultra-high subsea pressure, and Ballymore, which began production last year.
3. Potential sale value
The sales could raise around $1 billion, two people familiar with the effort said. Chevron owns all of Tubular Bells and a 50% position in Llano; it operates Petronius with Talos Energy as its partner. Petronius began producing in 2000, Tubular Bells in 2014 and Llano in 2004.
