ChevronTexaco to sell at least $1 billion/year in nonstrategic assets for next few years

ChevronTexaco Corp. plans to sell from $1 billion to $2 billion in nonstrategic assets each year during the "next few years," Chairman and CEO David J. O'Reilly said Friday in a meeting with analysts.

Aug. 1, 2003

By OGJ editors
HOUSTON, Aug. 1 -- ChevronTexaco Corp. plans to sell from $1 billion to $2 billion in nonstrategic assets each year during the "next few years," Chairman and CEO David J. O'Reilly said Friday in a meeting with analysts.

To focus its upstream portfolio, O'Reilly said the planned divestment of upstream portfolio assets includes about 400 fields in the US and Canada along with interests in Papua New Guinea and three North Sea fields.