Chevron Corp. plans to sell its 50% stake in Caltex Australia Ltd. to institutional investors for about A$4.6 billion ($3.6 billion) as the second-biggest US energy producer accelerates asset sales.
Chevron is selling the shares at A$34.20 apiece, about a 10% discount to the closing price Friday, according to a term sheet seen.
Caltex, Australia’s biggest refiner, has risen 74 percent in Sydney in the past 12 months.
The deal underwritten by Goldman Sachs Group Inc. is the largest block sale ever in Australia, exceeding Royal Dutch Shell Plc’s sale of Woodside Petroleum Ltd. shares in 2010 for about A$3.3 billion, according to data compiled.
US oil giant Chevron will increase asset sales by 50% to nearly £10billion and curtail new investment for the next two years after plunging oil prices squeezed cash flow.
The North Sea operator's divestment of oil and natural gas fields and other exploration and production assets will continue through 2017, chairman and chief executive John Watson said today.
The US embassy in Riyadh said today it was aware of a possible plot to attack employees working with oil giant Chevron in Saudi Arabia, the world’s largest oil supplier.
The embassy has “information stating that, as of early March, individuals associated with a terrorist organisation are targeting employees of Chevron in Saudi Arabia,” according to an e-mailed security message for American citizens over the weekend, which did not give further details.
Crude production dropped 20% since October at a venture that a Chevron Corp. unit operates in the Wafra fields, which Kuwait is developing with Saudi Arabia, according to two people with direct knowledge of the matter.
Daily output dropped to 180,000 barrels from about 200,000 barrels last month and 225,000 barrels in October, said the people, who asked not to be identified because the matter isn’t public.
Two rigs are halted and more may be idled in the coming months because Saudi Arabian Chevron Inc. faces problems operating wells due to a lack of personnel after Kuwait stopped issuing and renewing work permits in October, they said.
Chevron has acquired a 30% interest in three blocks in waters offshore Mauritania from Kosmos Energy.
The agreement, for blocks C8, C12 and C13 are subject to approval from the Mauritania government.
Under the agreement, Kosmos Energy will retain a 60% interest and remain as operator.
Chevron has appointed a new corporate vice president to its company.
Jeanette Ourada will take over the position from Matthew Foehr on April 1 following his retirement from the company after 33 years.
In her new role, Ms Ourada will lead corporate-wide accounting, financial reporting and analysis and internal controls.
Chevron has reduced its capex by 13% with plans to spend $35billion this year on oil and gas projects.
The company plans to spend the bulk of that amount on projects in Australia, Argentina and Kazakhstan.
The oil major said it would still be focused on investments in shale formations including one of its major plays in the oil-rich shale Permian formation in Texas.
Oil major Chevron has joined forces with BP and ConcoPhillips to explore and appraise 24 jointly-held leases in the Gulf of Mexico.
The companies will combine their efforts on moving two Paleogene discoveries closer to development and provide expanded exploration into the emerging market.
Under the agreement, BP will sell to Chevron half of its current equity interest in the Gila and Tiber fields.
Chevron has struck a deal with South Korean conglomerate SK Group to buy 4.15million tonnes of LNG over five years.
The oil major has been looking to secure long-term contracts for its Australian liquefied natural gas.
The deal will see the SK Group purchase the gas over a five year period from its Gorgon LNG project.
Oil major Chevron has made a significant oil discovery at the Anchor prospect in the Gulf of Mexico.
The Green Canyon block 807 well number two encountered oil pay in multiple Lower Tertiary Wilcox Sands.
It was spudded in August 2014 and drilled to a depth of 33,749 feet.
Seismic acquisition technology firm Magseis has won a contract with Chevron North Sea.
The contract is for seabed seismic acquisition using the company’s MASS system and Artemis Athene.
Oil major Chevron has begun production from its Jack and St Malo deepwater project in the Gulf of Mexico.
The company said the delivery is a key part of its upstream work with plans to reach 3.1 million barrels per day by 2017.
The fields are among the largest in the Gulf of Mexico and were discovered in 2004 and 2003.
US firm ConocoPhillips has become the latest oil major to warn of job losses in the UK North Sea, although it refused to say how many or where exactly the axe is likely to fall.
ConocoPhillips, which is poised to take over as the biggest oil producer in the region in terms of production volume by the end of this year, told the Press and Journal it had recently launched a review of its UK business.
It added: “Like other operators in the North Sea, we are focused on improving the operating efficiency and production outlook for our business.
“We have now started a consultation process with staff relating to organisational restructuring to establish a model to drive our UK business forward in an efficient and sustainable manner.
“We do anticipate some redundancies but at this stage the actual number has not yet been defined.”
ConocoPhillips is the world’s largest oil and gas exploration and production company.
It currently employs about 1,000 people directly and a further 600 contract workers in the UK.
A spokeswoman for the firm said the totals included about 700 staff and 400 contractors working out of Aberdeen.
The group’s Granite City-based UK business either operates or has stakes in assets including the Britannia field and its satellites, Judy/Joanne, Jade, Jasmine, CMS, Galleon, LOGGS, Saturn Unit, V-Fields, Victor, Viking, Calder, Darwen, Crossens, Asland, Millom, Dalton, Clair, MacCulloch and Nicol.
Onshore, the company has interests in the Rivers terminal at Barrow-in-Furness, the Teesside oil terminal at Seal Sands, Middlesbrough, and Theddlethorpe gas plant in Lincolnshire.
Its job cutting comes hot on the heels of BP launching a cost reduction exercise in the North Sea in line with rivals such as Shell and Chevron which have axed hundreds of roles as low oil prices and high overheads take their toll.
BP has declined to reveal the likely impact of its review on its 4,000-strong North Sea workforce.
Chevron and Hess have started crude oil production from the Tubular Bells deepwater project in the Gulf of Mexico.
The project is expected to produce 50,000 barrels of oil equivalent per day from three wells.
The field is 135 miles southeast of New Orleans in 4,300 feet of water in the Mississippi Canyon area and was discovered in 2003.
Chevron's profits have risen for the third quarter income for the first time in three years.
The oil major credited refining costs as one of the key factors in boosting their revenue.
However the company did see a slight drop in its sales and operating revenues for the third quarter, pulling in $52billion, compared with $57billion last year.
Oil major Chevron will invest an estimated $6billion in the development of the Hess Corporation operated Stampede project in the Gulf of Mexico.
The company’s subsidiary, Union Oil Company of California (Union), will run the deepwater subsea development which will be tied back to a newly constructed Tension Leg platform.
Oil major Chevron and state-owned Pemex have signed an MOU (Memorandum of Understanding) to explore opportunities for collaboration in deepwater and heavy oil fields.
The companies signed the document in Mexico City, which will provide the opportunity to work jointly across a wide range of projects which could be beneficial for both.
Oil major Chevron has made a new oil discovery in the Gulf of Mexico.
The company said a significant oil pay had been made at the Keathley Canyon Block 10 in the Guadalupe prospect.
Chevron will sell a 30% stake in one if its ventures to produce oil and natural gas in North America to the Kuwait Foreign Petroleum Co for $1.5 billion.
The agreement will create a partnership for the appraisal and development of liquids-rich shale resources in an area of 330,000 acres in the Kaybob area of the Duvernay.
