09:42 AM EDT, 05/16/2024 (MT Newswires) -- (Updates with company comment and details throughout.)

Chevron ( CVX ) confirmed Thursday that it plans to sell its remaining UK North Sea oil and gas assets.

"As part of Chevron's ( CVX ) focus on maintaining capital discipline in both traditional and new energies, we regularly review our global portfolio to assess whether assets are strategic and competitive for future capital," the company told MT Newswires in an emailed statement.

The company said the sale includes Chevron's ( CVX ) 19.4% stake in the Clair oilfield, as well as working interests in the Sullom Voe terminal, the Ninian pipeline and the SIRGE pipeline.

"The process is expected to take multiple months and may or may not result in a sale," Chevron ( CVX ) said.

The sale will be officially launched next month and is expected to raise up to $1 billion, Reuters reported, citing industry sources. The North Sea exit coincides with Chevron's ( CVX ) preparations for its $53 billion acquisition of rival Hess, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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