Chevron sells Gulf of Mexico assets to Cox Oil
- Business & Finance
Oil major Chevron and a privately owned, independent oil and gas company, Cox Oil, have completed a transaction in which Cox Oil acquired a number of assets in the U.S. Gulf of Mexico from Chevron.
Cox Oil said that the acquisition included 19 fields and associated assets located primarily on the GOM Outer Continental Shelf and in Louisiana state waters.
“Today’s closing further demonstrates Cox Oil’s dedication to the Gulf of Mexico and the Outer Continental Shelf. We look forward to welcoming the more than 100 Chevron employees that will be joining our team,” said Brad E. Cox, Chairman and Founder of Cox Oil.
“This transaction contributes to our long term, strategic focus in the oil and gas industry. We are grateful to Chevron and their professional staff for their dedication and efforts in this process,” said Craig Sanders, CEO of Cox Oil.
According to Cox Oil, the asset acquisition package includes 170 active wells, 70 platforms, 70 caissons and other offshore structures.
The financial aspect of the deal was not disclosed. The closing date for the transaction was April 15, 2016.