(Adds share price, quote)
June 13 Chevron Corp, the second-largest
U.S. oil company, said on Friday it sold its 25 percent interest
in an oil concession and pipeline system in southern Chad to the
country's government for about $1.3 billion.
Chevron is making Texas's oil-rich Permian shale field a top
investment priority after pouring billions of dollars into
riskier energy projects across Africa, Asia and South America.
The Chad deal includes the sale of Chevron's interests in
seven fields in the Doba Basin, which produced an average of
about 18,000 barrels of crude oil per day in 2013, Chevron said
in a statement.
Chevron is selling its 21 percent interest in the pipeline
system, which ships crude to the coast of Cameroon as well as
associated marine facilities, the San Ramon, California-based
"The combination of current market conditions and the size
of the assets relative to our portfolio make this an ideal time
for a divestiture," Ali Moshiri, president of Chevron Africa and
Latin America Exploration and Production Company, said in a
Last year, 75 percent of Chevron's oil and gas production
came from outside the United States, it said.
Shares of Chevron rose 84 cents, or less than 1 percent, to
$126.95 in afternoon New York Stock Exchange trading. So far
this year the stock is up 1.6 percent, underperforming a 5
percent gain in the Standard & Poor 500 index.
(Reporting by Swetha Gopinath in Bangalore and Anna Driver in
Houston; Editing by Savio D'Souza and Leslie Adler)