Chevron Offers to Sell Oil and Gas Properties in New Mexico, Texas
06.30.2023 By TankTerminals.com News - NEWS

June 30, 2023 [Reuters]- Chevron (CVX.N) is offering to sell several oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to cull acreage after major shale acquisitions.

 

The second-largest U.S. oil and gas producer last month agreed to buy shale firm PDC Energy Inc (PDCE.O) in a stock-and-debt deal worth $7.6 billion. In 2020, it acquired Noble Energy in a move that boosted its U.S. shale and international gas holdings.

Chevron has been divesting properties in the Permian Basin of West Texas and New Mexico, where it is the largest publicly-traded oil and gas producer and the largest property owner with 2.2 million acres.

This month, it launched an auction for a parcel covering 2,134 net acres in New Mexico and a second covering 29,901 acres in the New Mexico and Texas, according to listings on the EnergyNet online auction site.

The combined value is about $100 million, according to a source familiar with shale asset values. Both bids are due on July 27, according to marketing brochures.

Chevron did not reply to requests for a comment.

Production at the larger parcel on offer was estimated at about 770,000 barrels of oil and gas net and the smaller parcel was estimated to be about 1,818 barrels of oil and gas equivalent (boe) per day, according to the documents.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

JSW Infrastructure Eyes Plans for Green Hydrogen, Ammonia Plants at Its Ports
07.22.2024 - NEWS
July 22, 2024 [Microsoft Start]- JSW Infrastructure Ltd, India’s second-largest port operator, ... Read More
Standic Announce Successful Completion of The Second Phase of Their Terminal in Antwerp
07.22.2024 - NEWS
July 22, 2024 [Storage Terminals Magazine]- Standic, a leading terminal operator, is delighted to... Read More
NFE Launches Altamira LNG Production
07.22.2024 - NEWS
July 22, 2024 [LNG Prime]- US LNG firm New Fortress Energy has started producing liquefied natura... Read More
ExxonMobil Selling Malaysia Oil and Gas Assets to Petronas, Sources Say
07.22.2024 - NEWS
July 22, 2024 [Reuters]- Exxon Mobil Corp has agreed to sell its Malaysian oil and gas assets to ... Read More