Chevron explores sale of older Gulf of America oil and gas assets
Chevron is considering selling some mature oil and gas assets in the US Gulf to focus on high-growth projects. The sales could raise around $1 billion, sources told Reuters.
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what happened
Chevron confirmed to Reuters that it is exploring the sale of some older oil and gas assets in the US Gulf. The company is at an early, multi-month stage that could see several assets offloaded, including the Petronius, Tubular Bells and Llano fields, as well as working interests in other operated and non-operated fields. A spokesperson said there is no guarantee any sales will go ahead.
Two people familiar with the effort told Reuters the sales could raise around $1 billion. Buyers are likely to be international offshore operators and US companies active in the basin. Chevron is targeting 300,000 barrels of oil equivalent per day from the US Gulf by year-end and is focusing on newer projects such as Anchor and Ballymore.
why it matters
Elevated oil prices support asset valuations and buyer interest in US energy output, making the timing favorable for the sale. For markets, the move signals major oil companies shifting capital from mature fields toward newer Gulf projects.
market impact
US oil sector: Chevron rotates capital from mature Gulf fields to newer projects, about $1 bn in potential sales
tags
instruments
sources
- Chevron to sharpen US Gulf focus with sale of older assets — Reuters, 21 October 2026 at 18:09 UTC
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