According to marketing documents obtained by Reuters, Chevron (CVX.N) is selling multiple oil and gas holdings in New Mexico and Texas to reduce acreage after big shale purchases.
Last month, the second-largest U.S. oil and gas producer bought PDC Energy Inc. (PDCE.O) in a $7.6 billion stock-and-debt deal. It purchased Noble Energy in 2020, increasing its U.S. shale and foreign gas assets.
Chevron, the largest publicly traded oil and gas producer and property owner in West Texas and New Mexico with 2.2 million acres, has been selling properties in the Permian Basin.
According to EnergyNet online auction postings, it auctioned 2,134 net acres in New Mexico and 29,901 acres in New Mexico and Texas this month.
A source acquainted with shale asset valuations estimates $100 million. Marketing brochures require both proposals by July 27.
Chevron declined to comment.
According to the records, the larger parcel on offer produced roughly 770,000 barrels of oil and gas net daily, while the smaller portion produced about 1,818 boe daily.
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