LONDON, UK / ACCESSWIRE / July 10, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Chevron Corp. (NYSE: CVX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CVX. Cantium Holdco, LLC ("Cantium"), a recently established oil and gas Company, announced on July 06, 2017, that it has taken over US Chevron Corporation's (NYSE: CVX) Bay Marchand and Main Pas assets in the Gulf of Mexico. The newly established firm is a privately-owned independent oil and gas entity backed by York Capital Management and Sole Source Capital. The financial terms of the transaction were not disclosed; however, according to a SEC filing, Cantium that discloses Kirkland and Smithard's names, states that $16.2 million of offerings were sold on June 27, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Announcement

This announcement comes soon after the February 2016 announcement where Chevron stated that the Company plans to sell up to $10 billion of its Gulf of Mexico mature shelf assets in two years as it puts its deepwater assets as its priority. Prior to this sale, Chevron was able to generate $11.5 billion in cash through the end of 2015. The Company's key projects in the Gulf of Mexico include Tahiti, Big Foot, Blind Faith, and Jack St. Malo, where the last two are Chevron's deepest operated offshore production facilities at 7000ft (2134m) water depth.

This acquisition by Cantium includes an asset portfolio of 300 active wells, 151 platforms caissons, and other offshore structures along with Port Fourchon onshore treatment plant. Also, Cantium announced that field operations will resume being based in Covington, Louisiana. Cantium views this acquisition as a reinvigoration of the Gulf of Mexico's Outer Continental Shelf, where it is working with Chevron to ensure a smooth transition of ownership. When it comes to Chevron's employees, a spokesperson for Chevron stated that they might have opportunities for employment with the buyer or positions working on the assets.

Other Gulf of Mexico Developments

Chevron's Media Advisor, Van Ast, stated in February 2016:

"Over 2016 and 2017, we're targeting another $5 billion to $10 billion in divestments. In all cases, we will only sell assets where we can realize fair value."

Post the announcement, on April 18, 2016, Cox Oil Offshore announced that it has acquired a number of assets in the Gulf of Mexico from Chevron. The acquisition included 19 fields and associated assets primarily on the Gulf of Mexico Outer Continental Shelf and in Louisiana state waters, which is inclusive of 170 active wells, 70 platforms, 70 caissons, and other offshore structures. The financial aspects weren't disclosed for the transaction.

According to Q4 FY15 earnings call on January 29, 2017, Chevron announced that it was canceling the deepwater Gulf of Mexico project Buckskin-Moccasin, while advancing other projects, including the onshore assets in the Permian Basin. The Company's CEO, John Watson, stated that Chevron was hit with a $500 million charge after it wrote the project off, but the Company assessed several alternatives and possibility of a hub or a tieback development, and eventually, executed the transaction.

Last Close Stock Review

Chevron's stock is trading marginally down by 0.32%, closing last Friday's session at $103.49 on volume of 6.21 million shares. The Company's shares are trading at a PE ratio of 67.55 and have a dividend yield of 4.17%. At Friday's closing price, the stock's net capitalization stands at $197.58 billion.

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SOURCE: Pro-Trader Daily