Chevron Corporation (NYSE: CVX) announced today that its
affiliate companies have sold their non-operating interests in the
Azeri-Chirag-Deepwater Gunashli (ACG) oil fields (including
interests in the Western Export Route Pipeline) and the
Baku-Tbilisi-Ceyhan (BTC) oil pipeline located in Azerbaijan, to
MOL Hungarian Oil and Gas PLC for a consideration of $1.57 billion.
(In this context, “consideration” means the negotiated sale
price.)
Chevron Global Ventures Ltd. has sold its 9.57% interest in ACG,
which had a daily net production of 20,000 barrels of oil
equivalent per day in 2019. In addition, Chevron BTC Pipeline, Ltd.
has completed the sale of its 8.9% interest in BTC.
“Chevron regularly reviews its global portfolio to assess
whether assets are strategic and competitive for capital,” said Jay
Johnson, executive vice president of upstream. “This sale is an
important part of our divestment program, which is targeting
before-tax proceeds of $5 billion to $10 billion between 2018 and
2020.”
The transaction closed on April 16, 2020.
Chevron Corporation is one of the world’s leading integrated
energy companies. Through its subsidiaries that conduct business
worldwide, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells
petrochemicals and additives; generates power; and develops and
deploys technologies that enhance business value in every aspect of
the company’s operations. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
NOTICE
Notes to Editors: In addition to Chevron’s 9.57% interest
in ACG, the remaining interest holders are: BP Exploration (Caspian
Sea) Limited (Operator, 30.37%); SOCAR (25%); Inpex Southwest
Caspian Sea, Ltd. (9.31%); Equinor Apsheron a.s. (7.27%); Exxon
Azerbaijan Limited (6.79%); Turkiye Petrolleri A.O., (5.73%);
Itochu Oil Exploration (Azerbaijan) Inc. (3.65%); ONGC Videsh
Limited (2.31%).
In addition to Chevron BTC Pipeline, Ltd.’s 8.90% interest in
BTC, the other shareholders are: BP Pipelines (BTC) Limited
(Operator, 30.10%); SOCAR (25%); Equinor BTC Caspian AS (8.71%);
Turkish Petroleum BTC Ltd. (6.53%); ENI BTC Limited (5.00%); TOTAL
(BTC) B.V. (5.00%); ITOCHU Oil Exploration (BTC) Inc. (3.40%);
INPEX BTC Pipeline, Ltd. (2.50%); Exxon Azerbaijan Limited (2.50%);
ONGC BTC Limited (2.36%).
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating
to Chevron's operations that are based on management's current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as "anticipates," "expects," "intends," "plans," "targets,"
"forecasts," "projects," "believes," "seeks," "schedules,"
"estimates," "positions," "pursues," "may," "could," "should,"
"will," "budgets," "outlook," "trends," "guidance," "focus," "on
schedule," "on track," "is slated," "goals," "objectives,"
"strategies," "opportunities," "poised," "potential" and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, many of which are beyond the company's control and
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this news release. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; crude oil production
quotas or other actions that might be imposed by the Organization
of Petroleum Exporting Countries and other producing countries;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; changing economic, regulatory and political environments
in the various countries in which the company operates; general
domestic and international economic and political conditions;
changing refining, marketing and chemicals margins; the company's
ability to realize anticipated cost savings and efficiencies
associated with enterprise transformation initiatives; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; technological developments; the
results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during extended periods of low prices for crude oil and natural
gas; the inability or failure of the company's joint-venture
partners to fund their share of operations and development
activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company's operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats, terrorist acts, or other natural or human causes beyond
the company's control; the potential liability for remedial actions
or assessments under existing or future environmental regulations
and litigation; significant operational, investment or product
changes required by existing or future environmental statutes and
regulations, including international agreements and national or
regional legislation and regulatory measures to limit or reduce
greenhouse gas emissions; the potential liability resulting from
pending or future litigation; the company's future acquisitions or
dispositions of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government-mandated sales, divestitures,
recapitalizations, industry-specific taxes, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; material reductions in corporate liquidity and access to
debt markets; the receipt of required Board authorizations to
effect future dividends and share repurchases; the effects of
changed accounting rules under generally accepted accounting
principles promulgated by rule-setting bodies; the company's
ability to identify and mitigate the risks and hazards inherent in
operating in the global energy industry; and the factors set forth
under the heading "Risk Factors" on pages 18 through 21 of the
company's 2019 Annual Report on Form 10-K and in subsequent filings
with the U.S. Securities and Exchange Commission. Other
unpredictable or unknown factors not discussed in this news release
could also have material adverse effects on forward-looking
statements.
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