ChevronTexaco to Sell Oil, Natural Gas Fields
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ChevronTexaco Corp., the second-biggest U.S. oil company, said it expected to sell 100 North American oil and natural gas fields by the end of this month.
The fields, which produce the equivalent of 25,000 barrels of oil a day, are located mostly in California, Texas, Louisiana, Oklahoma, Wyoming and Canada’s Alberta province, company spokesman Johnny Ng said. ChevronTexaco put the properties up for sale in April.
Chief Executive Dave O’Reilly last month unveiled plans to sell as much as $2 billion worth of assets in each of the next three years. The 100 fields being sold this month are among 400 that San Ramon, Calif.-based ChevronTexaco has put on the block.
Shares of ChevronTexaco rose 32 cents to $72.52 on the NYSE.
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