Chevron Corp. (CVX) said Thursday that affiliates have sold their nonoperating interests in oil fields and pipelines in Azerbaijan to MOL Hungarian Oil and Gas PLC for $1.57 billion. The deal closed on Thursday, the company said. "Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for capital," Jay Johnson, executive vice president of upstream, said in a statement. "This sale is an important part of our divestment program, which is targeting before-tax proceeds of $5 billion to $10 billion between 2018 and 2020." Shares of Chevron fell 2% on Thursday as the energy subsector in the S&P 500 index was the worst-hit of the day.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 16, 2020 14:27 ET (18:27 GMT)
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