Chevron Mulls Sale Of Oil And Gas Properties In New Mexico, Texas To Reduce Acreage: Report
Portfolio Pulse from Nabaparna Bhattacharya
Chevron Corporation is considering selling several oil and gas properties in New Mexico and Texas to reduce its acreage. The company has been divesting properties in the Permian Basin of West Texas and New Mexico, where it is the most prominent publicly-traded oil and gas producer. Chevron recently auctioned for a parcel covering 2,134 net acres in New Mexico and a second surrounding 29,901 acres in New Mexico and Texas, with a combined value of about $100 million.
June 30, 2023 | 1:33 pm
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Chevron is considering selling several oil and gas properties in New Mexico and Texas. This move could potentially impact the company's asset portfolio and its stock price.
The sale of these properties could potentially reduce Chevron's asset base, which could impact its revenues and profitability in the short term. However, it could also free up capital for other investments or debt reduction, which could be positive for the company's financial health and stock price in the long term. The impact on the stock price in the short term is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100