Chevron looks to sell Texas’ Eagle Ford Basin assets for up to $3.8 bln – document

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Chevron is looking to sell its oil and gas assets in Eagle Ford basin in south Texas for as much as $3.8 billion, according to sources familiar with the matter and a marketing document seen by Reuters.

Oil companies have been unloading properties from Texas to California, cashing out on a more than 40% surge in crude prices for future investments and returns to shareholders.

Chevron has also stepped up its divestiture program this year, as it looks to shore up its balance sheet to reward investors.

The oil major said in July it will resume share buybacks in the current quarter after second-quarter earnings and cash flow rose to pre-pandemic levels.

A Chevron spokesperson did not immediately respond to requests for comment.

The company’s Eagle Ford assets span 30,440 net acres and had net production of 30,300 barrels of oil equivalent per day in 2021, with 45% of it being natural gas, according to the marketing document. (Reporting by Arathy S Nair and Shariq Khan in Bengaluru; Editing by Arun Koyyur)