By Rhiannon Hoyle
Australia's Woodside Energy said Thursday it has agreed to an asset swap with U.S. oil company Chevron that will simplify its business and support investor returns.
As part of the deal, Woodside will sell Chevron its 13% non-operated interest in the Wheatstone Project and its 65% operated interest in the Julimar-Brunello Project.
Woodside will acquire Chevron's nearly 17% interests in the NWS Project and the NWS Oil Project, and its 20% interest in the Angel CCS Project.
Chevron will also make a cash payment to Woodside of up to $400 million, Woodside said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
December 18, 2024 17:57 ET (22:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.