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2015-04-04 13:30:00

CHEVRON WILL SELL AUSTRALIA

CHEVRON WILL SELL AUSTRALIA

Chevron abandoned Australian shale exploration and said it will sell its 50% stake in that nation's largest oil refiner.

Chevron notified Beach Energy, its partner in the central Australian shale project, that "the opportunity does not align strategically" with the US explorer's portfolio, according to a statement from Beach. Selling its half of refiner Caltex Australia is expected to yield about A$4.7 billion ($3.7 billion.)

Chevron announced plans earlier this month to shed $15 billion in oil and natural gas assets by the end of 2017 and reduce spending on new projects for the next two years. Chairman and CEO John Watson is raising cash and curbing expenditures after the plunge in global oil prices dented profits and made some fields less attractive to drill.

"They are perhaps looking to increase their margins and get away from businesses that offer lower-end margins," said David Lennox, a resource analyst at Fat Prophets in Sydney. "They are getting knocked around a bit," by oil prices.

Chevron entered Australian shale two years ago when it pledged to invest $349 million in Beach's Nappamerri Trough gas project. Beach said on Friday that it will seek other partners and continue studies at the site through June 2016. Icon Energy is also a partner in the venture.

Fuel-making Plants

Chevron has been trimming its refining portfolio for the past decade to focus on higher-margin investments such as oil drilling. The company sold about $14 billion in refineries, filling stations and related assets between 2004 and the end of last year.

Chevron is selling its shares in Caltex Australia at A$35 apiece, a 7.6% discount to Friday's close, people with knowledge of the matter said.

The deal underwritten by Goldman Sachs is the largest block trade ever in Australia, exceeding Royal Dutch Shell's sale of Woodside Petroleum shares in 2010 for about A$3.3 billion, according to data compiled by Bloomberg. So-called cornerstone investors agreed to buy about A$2 billion of the Caltex stock before the offering started, the people said, asking not to be identified discussing private information.

Margins Shrink

Caltex, the biggest Australian-based refiner, has risen 74% in Sydney in the past 12 months. It closed Friday at A$37.88.

Chevron expects to sell the shares in Caltex to a broad range of Australian and global institutional investors, the San Ramon, California-based company said in a statement.

In the Asia-Pacific region that includes Australia, Chevron's net cash refining margins were less than $1/bbl during the last four years, compared with more than $6 at its North American plants.

The moves will have no impact on Chevron's Gorgon and Wheatstone gas-export projects in the country, the company said.

gasprocessingnews.com

Tags: CHEVRON, AUSTRALIA, SHALE, OIL, GAS
CHEVRON WILL SELL AUSTRALIA September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

CHEVRON WILL SELL AUSTRALIA September, 20, 09:00:00

GAS PRICES UP TO $3.146

CHEVRON WILL SELL AUSTRALIA September, 20, 08:55:00

ЦЕНА URALS: $51,81591

CHEVRON WILL SELL AUSTRALIA September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

CHEVRON WILL SELL AUSTRALIA September, 20, 08:45:00

RENEWABLE'S FUTURE

CHEVRON WILL SELL AUSTRALIA September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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CHEVRON WILL SELL AUSTRALIA
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

CHEVRON WILL SELL AUSTRALIA
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

CHEVRON WILL SELL AUSTRALIA
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

CHEVRON WILL SELL AUSTRALIA
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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