Chevron to Exit Australian Shale Gas, Sells Refining Venture, Seeks Other Partners

摘要

Chevron Corp. has abandoned Australian shale exploration and said it will sell its 50 percent stake in that nation's largest fuel supplier. The company notified Beach Energy Ltd., its partner in the central Australian shale project, that "the opportunity does not align strategically" with the U.S. explorer's portfolio, according to a March 27 statement. Selling its half of refiner Caltex Australia Ltd. is expected to yield about A$4.7 billion ($3.7 billion). Chevron announced plans in March to shed $15 billion in oil and natural gas assets by the end of 2017 and reduce spending on new projects for the next two years. Chairman and Chief Executive Officer John Watson is raising cash and curbing expenditures after the plunge in global oil prices dented profits and made some fields less attractive to drill. "They are perhaps looking to increase their margins and get away from businesses that offer lower-end margins," said David Lennox, a resource analyst at Fat Prophets in Sydney. "They are getting knocked around a bit," by oil prices.