ChevronTexaco to Sell North American Producing Properties

ChevronTexaco's North America Upstream unit will offer to sell more than 100 producing properties throughout North America in several regional packages. The company's net share of production from the properties offered totals approximately 25,000 barrels of oil-equivalent production per day.

The properties are located primarily in California, Texas, Louisiana (both onshore and the outer continental shelf), Oklahoma, Wyoming and Alberta (Canada). Multiple packages of properties will be offered beginning this month, with bids due at various times through August. The company expects to complete the sale of all properties by the end of the third quarter of this year.

"This offer of sale is part of ChevronTexaco's ongoing portfolio optimization program and is designed to improve operating efficiency and position the company for the right balance of future growth and returns," said Ray Wilcox, president of ChevronTexaco North America Upstream.