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Chevron Seeks Profitability Shift with Sale of Congo Operations for $1.5B

  • Chevron Corporation (NYSE: CVX) plans to sell its oil and gas assets in Congo to focus on more profitable production.

  • The Congo assets could fetch up to $1.5 billion, Reuters reported citing two sources close to the process.

  • The plan to sell its Congo-based operations is because the energy behemoth wants to shift its focus more towards newer operations and more profitable production.

  • The report added that Chevron received bids for the assets this week.

  • "Chevron does not comment on rumors or speculations about its commercial activity, including potential acquisitions or divestitures, which is in a constant state of review," the company said in a statement.

  • Chevron operates in the Republic of Congo through its subsidiary Chevron Overseas (Congo) Limited. Chevron has a 31.5 percent non-operated working interest in the offshore Haute Mer permit areas (Nkossa, Nsoko and Moho Bilondo).

  • In 2020, Chevron's operations had an average net daily production of 49,000 barrels of liquids in Congo.

  • The company has recently inked a pact to acquire PDC Energy, Inc. (NASDAQ: PDCE) in an all-stock deal worth $7.6 billion, including debt.

  • Also Read: Chevron Q1 Performance: Flat Production and Lower ASP, Higher Downstream Earnings with High Refined Product Margins

  • Price Action: CVX shares are trading lower by 0.79% at $156.02 on the last check Thursday.

  • Photo via Wikimedia Commons

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This article Chevron Seeks Profitability Shift with Sale of Congo Operations for $1.5B originally appeared on Benzinga.com

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