Economic news

Exclusive-Chevron offering minority stakes in three Alaskan oilfields

2022.09.19 15:51



Chevron Corp is marketing its interest in more than 2,000 oil and gas wells in Alaska, the company told Reuters on Monday, in a move that could mark the oil major’s second exit from oil production in the state in three decades.

One of the earliest companies to prospect for oil in Alaska, Chevron (NYSE:) helped develop the state’s oil industry last century but later exited output there in 1992. It returned a decade later with its $20 billion purchase of Unocal.

The company is offering stakes in three oilfields, it confirmed. It holds around 10% in Alaska’s Endicott field, 5% in Kuparuk field and 1.2% in Prudhoe Bay. Bids are due this month. The stakes are non-operating interests that provide a share of profits.

A sale could fetch between $450 million and $550 million, according to a Rystad Energy analyst using comparable transactions.

If a sale materializes, Chevron would follow in the steps of BP (NYSE:) Plc , which in 2020 sold its producing assets to closely-held Hilcorp for $5.6 billion and exited. Exxon Mobil (NYSE:) separately transferred operations of Point Thomson oilfield to Hilcorp last year but retains a majority stake.

The properties offered include interests in pipelines in the Kuparuk and Endicott fields, according to three people familiar with the matter who requested anonymity to discuss confidential information.

ConocoPhillips (NYSE:) operates the Kuparuk field, while Hilcorp operates Prudhoe Bay and Endicott, and either could bid on the assets, two of the sources said.

ConocoPhillips declined to comment. Hilcorp did not immediately respond to requests for comment.

The oilfields that Chevron is offering produce around 9,400 barrels of oil and gas per day. Overall production in the state has been declining since a peak in 1988 when output exceeded more than 2 million barrels of oil a day.

In 2021, Alaska produced 437,000 barrels of oil a day, the lowest since 1976, according to U.S. government data.



Source link

Exclusive-Chevron offering minority stakes in three Alaskan oilfields

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 94,206.24 1.68%
ethereum
Ethereum (ETH) $ 3,403.98 2.13%
tether
Tether (USDT) $ 0.998756 0.03%
xrp
XRP (XRP) $ 2.24 1.52%
bnb
BNB (BNB) $ 685.93 2.16%
solana
Solana (SOL) $ 191.95 4.35%
dogecoin
Dogecoin (DOGE) $ 0.32073 1.70%
usd-coin
USDC (USDC) $ 1.00 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,397.52 2.16%
cardano
Cardano (ADA) $ 0.900142 0.57%
tron
TRON (TRX) $ 0.251216 0.68%
avalanche-2
Avalanche (AVAX) $ 38.95 5.50%
chainlink
Chainlink (LINK) $ 24.08 4.12%
the-open-network
Toncoin (TON) $ 5.64 3.90%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,036.71 2.25%
sui
Sui (SUI) $ 4.53 4.79%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 2.26%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,174.23 1.36%
hedera-hashgraph
Hedera (HBAR) $ 0.308954 11.85%
stellar
Stellar (XLM) $ 0.371315 3.64%
polkadot
Polkadot (DOT) $ 7.27 4.10%
hyperliquid
Hyperliquid (HYPE) $ 28.31 1.54%
weth
WETH (WETH) $ 3,403.32 2.08%
bitcoin-cash
Bitcoin Cash (BCH) $ 461.19 3.47%
leo-token
LEO Token (LEO) $ 9.42 0.79%
uniswap
Uniswap (UNI) $ 13.88 0.40%
litecoin
Litecoin (LTC) $ 107.23 4.84%
pepe
Pepe (PEPE) $ 0.000018 1.67%
bitget-token
Bitget Token (BGB) $ 4.91 19.76%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,590.26 2.35%
near
NEAR Protocol (NEAR) $ 5.45 6.58%
ethena-usde
Ethena USDe (USDE) $ 0.999798 0.12%
aave
Aave (AAVE) $ 369.30 9.42%
usds
USDS (USDS) $ 1.00 0.05%
aptos
Aptos (APT) $ 9.37 1.80%
internet-computer
Internet Computer (ICP) $ 10.74 6.14%
crypto-com-chain
Cronos (CRO) $ 0.160852 3.33%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.504851 5.23%
ethereum-classic
Ethereum Classic (ETC) $ 27.22 2.98%
mantle
Mantle (MNT) $ 1.20 0.81%
render-token
Render (RENDER) $ 7.70 7.81%
vechain
VeChain (VET) $ 0.048749 5.08%
bittensor
Bittensor (TAO) $ 493.29 8.05%
mantra-dao
MANTRA (OM) $ 3.79 5.51%
whitebit
WhiteBIT Coin (WBT) $ 24.41 0.02%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 5.41%
monero
Monero (XMR) $ 185.21 2.60%
dai
Dai (DAI) $ 1.00 0.10%
arbitrum
Arbitrum (ARB) $ 0.798536 4.85%
filecoin
Filecoin (FIL) $ 5.19 5.43%