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Chevron Announces Sale of Majority Interest in its East Texas Gas Assets

Chevron Corporation (CVX)  More Company Research Source: Business Wire
Last chevron corporation earnings: 5/1 06:45 am Check Earnings Report
US:NYSE Investor Relations: chevron.com/investors
HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (“Chevron”) (NYSE: CVX), announced that it has closed on a transaction to sell a 70% interest in its East Texas gas assets to an affiliate of TG Natural Resources LLC (“TGNR”), a company indirectly owned by Tokyo Gas Co., Ltd. (“Tokyo Gas”) and Castleton Commodities International LLC (“CCI”), for $525 million, with $75 million paid in cash and $450 million as a capital carry to fund Haynesville development. Chevron will retain a 30% non-operated working interest in a joint venture with TGNR and an overriding royalty interest in the assets. Tokyo Gas and CCI own an approximate 93% and 7% interest in TGNR, respectively.The transaction is anticipated to generate over $1.2 billion in value to Chevron at current Henry Hub prices through the multi-year capital carry, retained working interest, and overriding royalty interest. Chevron expects to maintain future upside through the joint venture structure wh [Read more]
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Stockreport

Chevron Announces Sale of Majority Interest in its East Texas Gas Assets

Chevron Corporation  (CVX) 
More Company Research Source: Business Wire
Last chevron corporation earnings: 5/1 06:45 am Check Earnings Report
US:NYSE Investor Relations: chevron.com/investors
HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (“Chevron”) (NYSE: CVX), announced that it has closed on a transaction to sell a 70% interest in its East Texas gas assets to an affiliate of TG Natural Resources LLC (“TGNR”), a company indirectly owned by Tokyo Gas Co., Ltd. (“Tokyo Gas”) and Castleton Commodities International LLC (“CCI”), for $525 million, with $75 million paid in cash and $450 million as a capital carry to fund Haynesville development. Chevron will retain a 30% non-operated working interest in a joint venture with TGNR and an overriding royalty interest in the assets. Tokyo Gas and CCI own an approximate 93% and 7% interest in TGNR, respectively.The transaction is anticipated to generate over $1.2 billion in value to Chevron at current Henry Hub prices through the multi-year capital carry, retained working interest, and overriding royalty interest. Chevron expects to maintain future upside through the joint venture structure wh [Read more]
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