Chevron Acquires Over 8 Million Acres in Australia

Chevron's (NYSE: CVX  ) Australian subsidiary, Chevron Australia, has acquired exploration interests in Australia's deepwater Bight Basin. The two blocks of land, titled S12-2 and S12-3, span over eight million acres and are located 275 miles west of Port Lincoln. Under the terms of the new deal, Chevron Australia is now a 100 percent owner of interest in the land blocks.

According to Roy Krzywosinski, Chevron Australia's Managing Director, the Bight Basin is "similar in size to the Gulf of Mexico," and the newly acquired blocks "contain significant exploration potential" for crude oil and natural gas.

At the market's close on Oct. 23, Chevron's stock was trading at $120.13, 11% higher than its price per share at the start of 2013. The company has seen annual revenue drop 4% since 2011, to $241.9 billion.

Editor's note: A previous version of this article contained an incorrect revenue figure in the last sentence.

link


Read/Post Comments (2) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On October 24, 2013, at 9:38 AM, ScoopHoop wrote:

    The company has seen annual revenue drop 4% since 2011, to $241.9 million.

    I think you mean billion.

  • Report this Comment On October 24, 2013, at 10:31 AM, TMFKris wrote:

    @ScoopHoop: Thank you for your sharp eye. We have corrected that.

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2696646, ~/Articles/ArticleHandler.aspx, 10/23/2014 1:23:30 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement