Chevron Sells Angola Blocks 14 and 14K to Etu Energias
CVX sits 38% above its 52-week low of $146.49 on light trading volume (0.2× avg).
Summary
Chevron has signed a sale and purchase agreement with Etu Energias for its participating interests in Angola's Blocks 14 and 14K. This follows Energean's June announcement that its $260 million deal for the same assets was in limbo after Etu matched the offer. The agreement resolves the uncertainty around the divestment and transfers the assets to a local Angolan company. The financial terms were not disclosed, but the deal is part of Chevron's ongoing portfolio optimization. The transaction is expected to close subject to customary conditions and regulatory approvals.
At the time of this announcement, CVX was trading at $201.56 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $398.2B. The 52-week trading range was $146.49 to $214.71. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.