EXCLUSIVE Chevron to sell swath of Permian assets valued at more than $1 bln -sources

Reuters ^ | June 30, 2021 | Arathy NairShariq KhanJessica Resnick-ault

[BenLurkin]

Initial bid proposals were due by June 10, with a planned July 1 sale date for the larger package. The assets are operated by Chevron and Occidental Petroleum Corp (OXY.N) and span 57,000 net acres (231square kilometers) with production of about 10,100 barrels of oil equivalent per day.

[headstamp 2]

Sell it to the CCP.

[Deaf Smith]

"231 square kilometers "

Or 89.06 sections= 89.06 square miles.

[Repeal The 17th]

The Permian Basin is a large sedimentary basin in the southwestern part of the United States.
The basin contains the Mid-Continent Oil Field province.
This sedimentary basin is located in western Texas and southeastern New Mexico.
It reaches from just south of Lubbock, past Midland and Odessa, south nearly to the Rio Grande River in southern West Central Texas, and extending westward into the southeastern part of New Mexico.
It is so named because it has one of the world's thickest deposits of rocks from the Permian geologic period.
The greater Permian Basin comprises several component basins; of these, the Midland Basin is the largest, Delaware Basin is the second largest, and Marfa Basin is the smallest.
The Permian Basin covers more than 86,000 square miles and extends across an area approximately 250 miles wide and 300 miles long.

[DesertRhino]

Why does an oil company sell off a property like that?

[Renfrew]

At current prices 10,000 barrels per day is $273 million per year in revenue. A price of $1 billion seems cheap for these assets.

[BobL]

“Why does an oil company sell off a property like that?”

Peace, brother.

[Jewbacca]

This is sheer stupidity caused by liberals on its board.

[crusty old prospector]

The basin contains the Mid-Continent Oil Field province.

Uh, no one calls it that. The Mid-Continent is considered Oklahoma and Kansas.

[crusty old prospector]

To go play offshore Uganda.

[piasa]

Who bought it? China?

[plain talk]

“Why does an oil company sell off a property like that?”

Oil prices are a bit higher and they read the tea leaves on the future of oil. They are calculating that conservatives never regain any real power and the environmentalists have won.

[piasa]

New Mexico’s Oil Boom Is Under Threat
8/27/2019, 6:12:23 PM · by bananaman22 · 21 replies
Oilprice.com ^ | 27-08-2019 | Irina
New Mexico is home to part of the Permian play, the star of the shale industry and the place where oil production is growing at the fastest pace in the country. It is also the state whose new governor has one of the most ambitious emissions plans in the U.S. Governor Michelle Lujan Grisham took office with two climate-friendly pledges: to make New Mexico’s electricity emission-free by 2045, and to curb methane emissions from the oil and gas industry more substantially than they are being limited now. However, the oil industry is one of the biggest revenue contributors to the...

[Secret Agent Man]

its going to one of the globalist billionaires who will place it off limits and cut off access to oil for normal people

gas will rise quite a bit

poverty will increase

peoples ability to travel will become much more expensive as well as shipping packages

[Don Corleone]

Communists being Communists

[LegendHasIt]

Shell did the same two weeks ago.

[fightin kentuckian]

“This is sheer stupidity caused by liberals on its board.”

Exactly. A few months ago the greenies launched an effort to take over. They threw a ton of money at it, got several of their guys on the board and here we are. Sell your Exxon stock. They will run it into the ground, thats their job.

[cpdiii]

“At current prices 10,000 barrels per day.”

If that vast amount of land only produced 10,000 barrels per day it is worthless. It is not worthless. Reuters normally just lies but this time they just have their head up their ignorant asses. When I worked the TOR platform in the North Sea we produced 30,000 barrels of oil a day from that one multi well platform.

Reuters is stupid.

[fightin kentuckian]

“This is sheer stupidity caused by liberals on its board.”

Exactly. A few months ago the greenies launched an effort to take over. They threw a ton of money at it, got several of their guys on the board and here we are. Sell your Exxon stock. They will run it into the ground, thats their job.

Apologies, I meant to say sell Chevron stock. ugh.

[SanchoP]

They’re selling off their New Mexico holdings and keeping Texas.