Chevron begins marketing mature U.S. Gulf assets in potential billion-dollar sale
Key Facts
Chevron has begun marketing mature, producing oil and gas assets in the U.S. Gulf in a process that could raise about a billion dollars, according to a Reuters report published on October 21, 2026. The company confirmed to Reuters that marketing had begun, while the estimate of potential proceeds came from sources familiar with the process. The assets on offer include the Petronius, Tubular Bells and Llano fields, part of the company's offshore portfolio in the region. The marketing process also covers stakes in other fields operated by Chevron or its partners. The company said the move aims to align its portfolio with its priorities as it retains newer offshore production projects in the U.S. Gulf. Chevron stressed that completion of the sales is "not guaranteed."
Production at some of the fields on offer began years before Chevron's recent expansion through its acquisition of Hess. According to Reuters, Petronius began production in 2000. Tubular Bells began production in 2014, meaning the marketing process encompasses assets that entered service at different times. Chevron's stake in Llano is 50% and was among the assets acquired from Hess, according to Reuters. Chevron announced the completion of its Hess acquisition on July 18, 2025, according to its filing with the U.S. Securities and Exchange Commission. In its statement announcing the deal's completion, the company said the additions included U.S. Gulf assets producing 31 thousand barrels of oil equivalent per day at the time the acquisition closed. The current marketing process thus includes a stake transferred to Chevron through that deal, alongside the older fields the company identified to Reuters.
Among its newer offshore assets, Chevron operates the Ballymore project, where TotalEnergies announced the start of production on April 21, 2025. Chevron holds a 60% stake as operator, while TotalEnergies holds 40%, according to the latter's announcement. The project's total production capacity is about 75,000 barrels of oil per day, plus 50 million cubic feet of gas per day. Ballymore is tied to the Blind Faith facility, which Chevron also operates. This followed the announcement of production starting at the Anchor field in the U.S. Gulf on August 12, 2024, according to a TotalEnergies statement on the project. The Anchor platform has production capacity of about 75,000 barrels of oil per day, alongside 28 million cubic feet of gas per day. The projects have the same stated daily oil capacity, while Ballymore's stated gas capacity exceeds Anchor's.
Alongside marketing the mature assets, Chevron aims to bring its U.S. Gulf production to 300,000 barrels of oil equivalent per day by the end of 2026, according to Reuters. The sale process itself remains in its early stages, a company spokesperson told Reuters. The spokesperson described the marketing as "a months-long process," putting the execution of potential sales on a longer timeline than the announcement that the assets were being offered. Across Chevron's broader portfolio, the company said in its annual report filed with the U.S. Securities and Exchange Commission that it expects annual asset-sale proceeds of between a billion and two billion dollars through 2030. That annual outlook for asset sales provides the broader context for the marketing of the U.S. Gulf fields, as the company also seeks to reach its production target for the end of this year.