Chevron Explores Sale of Older Gulf Assets

Chevron is exploring the sale of mature oil and gas assets in the U.S. Gulf, including Petronius, Tubular Bells and Llano, along with interests in other fields. The multi-month process is intended to shift capital toward newer, higher-growth projects such as Anchor and Ballymore, as Chevron targets Gulf production of 300,000 barrels of oil equivalent per day by year-end. The company says no sale is guaranteed, but people familiar with the effort estimate the assets could bring in about $1 billion, with potential interest from U.S. and international offshore operators and other energy companies.