Chevron Announce Shareholding sell-down consistent with stated divestment goals

Chevron Announce Shareholding sell-down consistent with stated divestment goals

Chevron Corporation’s (NYSE: CVX) wholly owned subsidiary Chevron Global Energy Inc. today announced that it has entered into an underwriting agreement for the sale of its 50 percent shareholding in Caltex Australia Limited (CAL).

It is expected that these 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.”

Mark Nelson, president, International Products, Downstream and Chemicals, Chevron, said: “Asia-Pacific is a core strategic focus for Chevron’s Downstream business and we remain focused on ensuring our operations, portfolio and investments are well-positioned to meet the region’s growing demand for energy.”

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.

Caltex is a prominent brand in the Australian petroleum market. The current trademark licensing agreement between Chevron and CAL will remain in effect following the transaction. Chevron will continue to ensure a reliable, high-quality supply of product is available to CAL to supply to its retail and reseller franchise network. Chevron is also committed to seeking long-term relationship opportunities with CAL.

NOT AN OFFER OF SECURITIES
The underwriting agreement provides that the CAL shares are to be sold only to persons, and by way of transactions, in Australia that do not need a prospectus or other disclosure document under Part 6D.2 of the Corporations Act 2001 (Cth) and to certain other jurisdictions to persons to whom offers may lawfully be made without requiring the preparation, delivery, lodgment or filing of any prospectus or other disclosure document of any other lodgment, registration or filing with, or approval by, a government entity.

Nothing in this announcement constitutes an offer of CAL securities for sale or an invitation to any person to make an offer to buy CAL securities in any jurisdiction.

More information about Chevron is available at www.chevron.com

Source:
chev

Oil and Gas Press
Oil and Gas News Undiluted !!!

#FOLLOW US ON INSTAGRAM