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Chevron exits $5bn Caltex stake and onshore gas project

US energy giant Chevron is narrowing its Australian focus onto its Gorgon and Wheatstone gas projects, by selling its $5 billion stake in Caltex Australia and exiting an onshore gas project where it had partnered with Beach Petroleum and Icon Energy.

Chevron expects its shares in oil refiner and distributor Caltex will be sold to a range of Australian and global institutional investors.

Executive vice president of downstream and chemicals Michael Wirth said the Caltex sale came as part of a regular review of its portfolio and commitment to generate cash to support its long term priorities.

The massive sale, reportedly at a slight discount to its market value, will not alter Chevron's focus on moving Western Australia's $US54 billion Gorgon project and the $30 billion Wheatstone project towards start-up, the company said.

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WA export revenue

7th-Alcoa of Australia$3.00bn
8th-Roy Hill Holdings$3.00bn
9th-Chevron$2.90bn
10th↑South32$1.70bn
11th↑Mineral Resources$1.50bn
49 exporters ranked by WA export revenue most recent financial year

Number of Employees

Oil and Gas Companies

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