Chevron plans to get rid of its petroleum and gas assets in the area of deposits in Needle Ford in South Texas in the United States. The company conceived to sell them for a multi-billion amount, writes Reuters.
According to the documentation with which the agency has familiarized himself, we are talking about 3.8 billion dollars. In the materials of the giant, complementing the report for 2020, the assets in the area were among the key for the company.
Now, according to The Wall Street Journal, Chevron is also preparing to defend themselves from activists investors, one of which has previously intervened in the business of competing Exxon Mobil. According to the publication, the Chevron management met with representatives of the Hedge Foundation Engine No. 1, sharing with them plans over the reduction of emissions into the atmosphere. Chevron has already been forced to establish specific goals on indirect emissions by decision of their shareholders.
Exxon Mobil Shareholders in May supported the ideas of Engine NO 1, because of which the candidates offered to them were held into the board of directors. The Fund has a company’s shares worth 54 million dollars. The company spent $ 35 million to combat his activity, but eventually recognized defeat. As a result, the leadership now faced a new problem – the need to seriously discuss the idea of achieving a pure zero emission level.