Chevron Corporation (NYSE: CVX) announced that its subsidiary, Chevron U.S.A. Inc. (Chevron), has agreed to acquire 246,000 net leasehold acres in the Delaware Basin in New Mexico, a part of the Permian Basin, from Chesapeake Energy Corporation (NYSE: CHK) (Chesapeake). Terms of the agreement were not disclosed. Porter Hedges represented Chevron in the transaction.
Chevron holds roughly 700,000 net acres in the Delaware Basin in New Mexico and added 246,000 acres in the deal with Chesapeake. This deal is part of multiple agreements Chesapeake has entered in to sell the vast majority of its Permian properties, substantially all of its midstream assets and certain noncore leasehold for total net cash proceeds of approximately $6.9 billion in total value across all deals.
Porter Hedges assisted Chevron’s in house legal staff led by David Stephenson, Siva Barnwell and Ann Wacker. The Porter Hedges team included energy partner Bob Thomas and litigation associate Heather Hatfield.
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