Chevron sells Caltex Australia stake

Oil and gas giant Chevron said that it has entered into an underwriting agreement for the sale of its 50 percent shareholding in Caltex Australia.

Chevron is developing two giant LNG projects in Australia, Gorgon and Wheatstone.

“Today’s announcement does not alter Chevron’s focus on moving the Gorgon and Wheatstone liquefied natural gas (LNG) projects towards start-up. Chevron is one of Australia’s largest foreign investors and is the largest holder of natural gas resources in the country,” the company said in a statement.

It is expected that Caltex shares will be sold to a broad range of Australian and global equity market institutional investors.

“This transaction reflects Chevron’s commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment,” said Michael Wirth, executive vice president, Downstream and Chemicals. “We appreciate the strong performance of Caltex Australia over the many years we’ve been a shareholder, and look forward to a mutually beneficial supply and brand relationship for many years to come.”