Chevron is considering the sale of its oil and gas properties in Texas and New Mexico, which are estimated to be worth about $100 million.
Chevron (NYSE:CVX) is reportedly exploring the sale of certain oil and gas assets in New Mexico and Texas for a value of about $100 million. The oil-producing company has been divesting properties in the Permian Basin, where it’s the largest landowner, possessing 2.2 million acres of land in the region.
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The company is offering to sell its two parcels of land via auction, with bids due on July 27. One of the lands covers about 2,134 net acres in New Mexico, and the other parcel spans 29,901 acres in both New Mexico and West Texas.
While CVX is selling its properties in the Permian Basin, the company has also made certain acquisitions in the region recently, demonstrating its commitment to enhancing its portfolio.
As part of this strategy, the company entered into an agreement to acquire PDC Energy (PDCE) in a stock-and-debt deal worth $7.6 billion last month. Furthermore, Chevron bought Noble Energy in 2020 as a strategic move that enhanced its portfolio of U.S. shale and international gas assets.
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