Would Exxon or Chevron serve as a large player "parent" of $EXXI?
Not sure BK is next resort for $EXXI...makes more sense for them to be a takeover target due to their many untapped fields.
Chevron puts shallow Gulf assets up for sale
Chevron is placing all of its shallow Gulf of Mexico acreage up for sale with a goal of unloading the assets by the end of 2017, the company confirmed Friday.
In a world of $30 a barrel oil, Chevron aims to reduce costs and shed assets deemed unnecessary. The California-based oil giant with a major Houston presence will instead focus its attention on deep-water Gulf projects.
“Chevron is accelerating the sale of mature shelf properties and has begun marketing all shelf assets in the Gulf,” Chevron spokesman Cam Van Ast said in a prepared statement. “The divestments will begin in 2016 and are expected to be completed by the end of 2017.”
He said Chevron is targeting between $5 billion and $10 billion in asset sales globally by the close of 2017.
In the shallow Gulf, that means selling 27 oil and gas fields that produce about 46,000 barrels of oil equivalent a day. Houston-based firm Tudor, Pickering, Holt & Co. predicted Chevron could collect more than $1 billion from the potential sales.
“Despite the weak market, we believe that Chevron will still be able to monetize its U.S. GoM assets as there still appear to be buyers for producing assets,” the investment banking firm said in an analyst note.
But Van Ast insisted Chevron isn’t abandoning the Gulf. He said Chevron will still have a “deepwater-focused business with fewer, more complex assets.”
“This process is consistent with Chevron’s ongoing efforts to align its portfolio of assets with overall long term strategies,” he added.
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