Chevron Sells Congo Ops For $1.5B To Boost Profits
Chevron wants to sell oil and gas assets in Congo. They are doing this to focus on making more money.
According to two insiders, Reuters reported that the Congo's assets could bring in up to $1.5 billion.
The energy company is selling its operations in Congo. It wants to focus on newer and more profitable production.
This week, people submitted offers for Chevron's assets. The report said so.
In a statement, Chevron said they don't discuss rumors or guesses about their business dealings. They often review potential purchases or sales.
Chevron works in the Republic of Congo. They use a subsidiary, Chevron Overseas (Congo) Limited. Chevron has a 31.5% non-operated working interest in the Haute Mer offshore permit areas. These areas are Nkossa, Nsoko, and Moho Bilondo.
Chevron produced 49,000 barrels of liquids per day in Congo in 2020.
The company agreed to buy PDC Energy, Inc. in a deal that uses stocks and is worth $7.6 billion. This includes debt.
Chevron's Q1 production is the same as last year. Markedly, down the chain business like refining pollute more money. Chevron's counting a lot by refining.
On Thursday, the last check showed that CVX shares were down 0.79% trading at $156.02.
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Chevron wants to make a profit shift by selling Congo operations for $1.5 billion. This news was reported on Benzinga.com.
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