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Chevron to buy Delaware Basin acres from Chesapeake Energy Corporation

Chevron is purchasing 246,000 net acres of New Mexico's Delaware basin for an undisclosed amount.

13 September 2012

Chevron has announced a deal that will see it acquire thousands of acres of New Mexico's Delaware basin from Chesapeake Energy Corporation.

It is taking hold of 246,000 net leasehold acres in the area - which is part of the Permian Basin - in order to strengthen its North American operations.

The firm did not reveal the terms of its agreement with Chesapeake Energy, but it is likely teams from both firms will have held lengthy sales negotiations to ensure they struck a deal that was acceptable for all parties.

President of Chevron North American Exploration and Production Company Gary Luquette said the purchase "complements our existing Permian Basin operations and provides us access to additional people and resources to execute our growth strategy there".

Vice-president of the Chevron George Kirkland added the acquisition is in a "premier emerging play" in the Permian Basin. The acreage it is taking control of currently produces the equivalent of 7,000 barrels of oil per day and Chevron, which is one of the world's largest integrated energy companies, expects to increase this figure in the coming years.

Posted by David Gleck

Source: Chevron press release, September 12th 2012

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