Two firms sell California producing assets

Two long-time California oil producers have divested key producing assets, resulting in the complete exit of one of the companies from offshore California production.Chevron Corp. sold its interest in Point Arguello field in the Santa Barbara Channel to Plains Resources Inc., Houston. For Plains, the purchase complements its previous acquisitions of the All-American Pipeline and production facilities in the San Joaquin Valley.The transaction ends Chevron`s 41-year presence in offshore California oil and gas production."Completing this exit allows Chevron to shift its resources to international growth prospects and will result in significant cost savings, both key corporate strategies," sa...

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