October 06, 2025 [Reuters]- Chevron is selling a collection of pipeline assets in the Denver-Julesburg shale basin that are likely to fetch more than $2 billion, people familiar with the matter said.
Investment bankers at Bank of America have been working in recent weeks to solicit potential interest in the infrastructure, which was largely inherited from the oil major’s acquisition of Noble Energy in 2020 and its subsequent full takeover of Noble’s midstream business a year later, said the sources, who asked not to be named because the talks are private.
Collectively, the assets generate around $200 million of earnings before interest, taxes, depreciation and amortization (EBITDA), some of the people added. Based on sales of similar assets, Chevron can expect to fetch upwards of $2 billion.
A sale is not guaranteed, and Chevron could ultimately retain some or all of the assets, the people cautioned.
Chevron did not respond to a comment request. Bank of America declined comment.
Chevron is one of the largest producers of oil and gas in the Denver-Julesburg basin, which predominantly covers Colorado but also parts of Wyoming.
While clinching its $55 billion acquisition of Hess in July after a long legal battle with Exxon Mobil was a major victory, Chevron has been grappling with how to control costs, compete with rivals, and maintain financial performance, all against an uncertain oil price outlook.
It is in the midst of shedding up to 20% of its global workforce. Chief Executive Mike Wirth told an August 1 analyst call it would challenge itself to divest assets that take money away from more profitable prospects.
Deal activity in U.S. midstream has been robust, even as the Trump administration has moved to make building pipelines easier. While much has been driven by strategic players, reengaging in acquisitions after a period focused on debt reduction, private equity firms have also been keen buyers of assets.
In recent weeks, MPLX agreed to buy privately-owned Northwind Midstream for $2.4 billion and sell assets in the Rockies for $1 billion. Plains All American announced a $1.6 billion deal to buy a stake in the company which owns the EPIC Crude pipeline.
