Chevron to Sell Stake in Caltex Australia

Chevron Corporation on Friday said it has entered into an underwriting agreement for the sale of its 50 percent shareholding in Caltex Australia Limited (CAL).

It is expected that these shares will be sold to a broad range of Australian and global equity market institutional investors, Chevron said.

Chevron stated that the announcement does not alter compay’s focus on moving the Gorgon and Wheatstone liquefied natural gas (LNG) projects towards start-up.

"This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment," said Michael Wirth, executive vice president, Downstream and Chemicals. "We appreciate the strong performance of Caltex Australia over the many years we've been a shareholder, and look forward to a mutually beneficial supply and brand relationship for many years to come."