CVX · 10-Q · 2026Q2 · Full report
Acquisitions and Divestitures
CHEVRON CORP · 2026-08-06 · Importance 71 · Surprise 60 · In source text
Chevron completed its acquisition of Hess Corporation in July 2025, and the transaction increased 2026 production and operating expenses through the addition of Hess assets. During the second quarter of 2026, Chevron completed the sale of its Hong Kong downstream fuels and lubricants businesses for approximately $290 million of proceeds. Chevron signed an agreement to sell its 50% interest in Singapore Refining Company Private Limited and downstream assets in Singapore, Australia, Indonesia, Malaysia, the Philippines and Vietnam, with closing expected in 2027. Chevron expects $1 billion to $2 billion of annual asset-sale proceeds through 2030.
Key facts
- Company expects $1-2 billion in annual asset sale proceeds through 2030. source
- Company signed an agreement to sell the company’s 50 percent interest in the Singapore Refining Company and other downstream assets in Singapore, Australia, Indonesia, Malaysia, the Philippines and Vietnam; transaction is expected to close in 2027. source
- During the second quarter of 2026, the company completed the sale of its Hong Kong downstream fuels and lubricants businesses, generating proceeds of approximately $290 million. source
- Proceeds and deposits related to asset sales and returns of investment totaled $355 million in the first six months of 2026, compared to $990 million in the year-ago period. source
- Noteworthy development: Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline. source
- Noteworthy development: Signed an agreement to develop a power facility in West Texas designed to provide approximately 2.67 gigawatts of behind-the-meter dedicated electricity capacity to Microsoft under a 20-year power purchase agreement. source
- Noteworthy development: Signed an agreement to sell the company’s 50 percent interest in Singapore Refining Company and other downstream assets in Singapore, Australia, Indonesia, Malaysia, the Philippines, and Vietnam; expected to close in 2027. source
- U.S. upstream net oil-equivalent production increase was primarily due to the acquisition of Hess and growth in the Permian Basin and Gulf of America. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | probable | +0.2% | Company expects $1-2 billion in annual asset sale proceeds through 2030. |
| cash | negative | realized | -0.2% | Proceeds and deposits related to asset sales and returns of investment totaled $355 million in the first six months of 2026, compared to… |
| cash | positive | realized | +0.1% | During the second quarter of 2026, the company completed the sale of its Hong Kong downstream fuels and lubricants businesses, generating… |
| cash | positive | probable | — | Company signed an agreement to sell the company’s 50 percent interest in the Singapore Refining Company and other downstream assets in… |
| assets | positive | contingent | — | Noteworthy development: Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and… |
| revenue | positive | probable | — | Noteworthy development: Signed an agreement to develop a power facility in West Texas designed to provide approximately 2.67 gigawatts of… |