Chevron pitches $100 million in New Mexico properties as oil M&A heats up
Chevron Corp (CVX.N) is offering to sell about 73,000 acres (29,540 hectares) of oil and gas properties in New Mexico, according to documents viewed by Reuters, as oil firms accelerate divestitures in a rebounding oil market.
Sales in the Permian Basin of West Texas and New Mexico have jumped as shale producers and private-equity firms seize on a sizzling recovery in oil prices to buy companies or secure new drilling prospects.
Chevron set a May 20 deadline for bids on acres holding more than 1,000 producing wells with $1.1 million in combined monthly revenue, according to a sales document. Some of the properties are operated by ConocoPhillips (COP.N), BXP Operating and Providence Energy Services Inc, the document showed.
Chevron pitches $100 million in New Mexico properties as oil M&A heats up Reuters 5 hrs ago
HOUSTON, May 4 (Reuters) - Chevron Corp is offering to sell about 73,000 acres (29,540 hectares) of oil and gas properties in New Mexico, according to documents viewed by Reuters, as oil firms accelerate divestitures in a rebounding oil market.
Sales in the Permian Basin of West Texas and New Mexico have jumped as shale producers and private-equity firms seize on a sizzling recovery in oil prices to buy companies or secure new drilling prospects.
Chevron set a May 20 deadline for bids on acres holding more than 1,000 producing wells with $1.1 million in combined monthly revenue, according to a sales document. Some of the properties are operated by ConocoPhillips, BXP Operating and Providence Energy Services Inc, the document showed.