logo
  Join        Login             Stock Quote

Chevron (CVX) Canadian Subsidiary To Buy Operating Interest In LNG Project From EOG Resources

 December 24, 2012 09:37 AM
 


(By Balachander) Chevron Corp. (NYSE: CVX) said its subsidiary will acquire an operating interest in liquefied natural gas (LNG) project in Western Canada from EOG Resources Inc. (NYSE: EOG) to boost its overall North America exploration and production portfolio.

Under the terms of the agreements, Chevron Canada will acquire a 50 percent operating interest in the Kitimat LNG project and proposed Pacific Trail Pipeline (PTP).

Additionally, Chevron Canada will acquire a 50 percent interest in roughly 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada.

[Related -Do Investors Really Prefer A Slower Economy?]

"The Kitimat LNG development is an attractive opportunity that is aligned with existing strategies and will drive additional long-term production growth and shareholder returns," said Chevron vice chairman George Kirkland.

"While we still believe in the viability of the Kitimat project, our decision to exit is consistent with EOG's focus on domestic onshore crude oil production, which is generating more immediate reinvestment opportunities," said EOG CEO Mark Papa.

On Monday, CVX shares fell 0.70 percent to trade at $108.96, while EOG shares shed 0.32 percent to trade at $123.17.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageWinter is Coming! Here's My Favorite Seasonal Trade

Over the years, I've been successful trading weather patterns as they relate to commodities such as crude read on...

article imageHow To Avoid 5 Common Investing Mistakes

When it comes to successful investing, the field of behavioral finance has shown that sometimes the worst read on...

article imageSector Detector: Bulls Go Down Swinging, Refusing To Give Up Much Ground

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down read on...

article imageThe Bumpy Road Ahead To Policy Normalization

When the dust clears from tomorrow’s Fed announcement, the crowd’s expecting that the slow but persistent read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.