Chevron offers to sell oil and gas properties in New Mexico, Texas

HOUSTON, June 29 (Reuters) – Chevron ( CVX.N ) is offering to sell more oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to offload acreage after major shale acquisitions.

The second-largest U.S. oil and gas producer last month agreed to buy shale firm PDC Energy Inc ( PDCE.O ) in a stock and debt deal worth $7.6 billion. In 2020, it acquired Noble Energy in a move that increased the company̵[ads1]7;s US shale and international gas holdings.

Chevron has sold properties in the Permian Basin in West Texas and New Mexico, where it is the largest publicly traded oil and gas producer and the largest property owner with 2.2 million acres.

This month, it launched an auction for a parcel covering 2,134 net acres in New Mexico and another covering 29,901 acres in New Mexico and Texas, according to listings on EnergyNet’s online auction site.

The combined value is about $100 million, according to a source familiar with shale values. Both bids expire on July 27, according to marketing brochures.

Chevron did not respond to requests for comment.

Production on the larger package on offer was estimated at around 770,000 barrels of oil and gas net, and the smaller package was estimated at around 1,818 barrels of oil and gas equivalents (boe) per day, according to the documents.

Reporting by Arathy Somasekhar in Houston

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