Chevron may be exploring a sale of some or all of its midstream assets, Bloomberg reported today. Citing unnamed sources, the report said Chevron is unlikely to exit the midstream business entirely and may sell some assets piece by piece instead of spinning them off to shareholders. Analyst Fadel Gheit of Oppenheimer & Co. is quoted as saying the company’s U.S. midstream business could be worth as much as $5 billion.
Bloomberg reported last month that Chevron had been seeking a sale of pipeline and terminal assets in Texas and Louisiana, a move that could fetch the company $1 billion. Chevron officials have said in recent months that the company is in the process of rationalizing its midstream portfolio.
