Chevron sells Azerbaijan Assets to MOL Hungarian Oil and Gas

&NewLine;<p>Chevron Corporation&comma; today&comma; April 16&comma; announced that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli &lpar;ACG&rpar; oil fields &lpar;including interests in the Western Export Route Pipeline&rpar; and the Baku-Tbilisi-Ceyhan &lpar;BTC&rpar; oil pipeline located in Azerbaijan&comma; to MOL Hungarian Oil and Gas Plc for a negotiated sale price of &dollar;1&period;57 billion&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>A press statement signed by Sally Jones&nbsp&semi; and made available to OpenLife stated that Chevron has sold its 9&period;57&percnt; interest in ACG&comma; which had a daily net production of 20&comma;000 barrels of oil equivalent per day in 2019&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&nbsp&semi;In addition&comma;&nbsp&semi;Chevron BTC Pipeline&comma; Ltd&nbsp&semi;has completed the sale of its 8&period;9&percnt; interest in BTC&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&OpenCurlyDoubleQuote;Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for capital&comma;” said&nbsp&semi;Jay Johnson&comma; executive vice president of upstream&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&OpenCurlyDoubleQuote;This sale is an important part of our divestment program&comma; which is targeting before-tax proceeds of&nbsp&semi;&dollar;5 billion&nbsp&semi;to&nbsp&semi;&dollar;10 billion&nbsp&semi;between 2018 and 2020&period;”<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The transaction closed on&nbsp&semi;April 16&comma; 2020&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>Chevron Corporation&nbsp&semi;is one of the world’s leading integrated energy companies&period; Through its subsidiaries that conduct business worldwide&comma; the company is involved in virtually every facet of the energy industry&period;&nbsp&semi;Chevron&nbsp&semi;explores for&comma; produces and transports crude oil and natural gas&semi; refines&comma; markets and distributes transportation fuels and lubricants&semi; manufactures and sells petrochemicals and additives&semi; generates power&semi; and develops and deploys technologies that enhance business value in every aspect of the company’s operations&period;&nbsp&semi;<&sol;p>&NewLine;