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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Beach Energy Limited | ASX:BPT | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.0325 | -2.08% | 1.5275 | 1.525 | 1.53 | 1.555 | 1.515 | 1.545 | 4,698,632 | 05:12:29 |
From Jul 2019 to Jul 2024
By Ross Kelly
SYDNEY--Chevron Corp. (CVX) said it will buy Australian shale gas assets from Beach Energy Ltd. (BPT.AU) for up to US$349 million, placing a bold bet on the potential to replicate the U.S. boom in unconventional gas output in the Outback.
Chevron, the second-biggest U.S. oil company behind ExxonMobil Corp. (XOM), said it has agreed to buy up to 60% of two blocks in central Australia's Cooper Basin covering an estimated 810,000 acres.
In a separate statement, Beach said Chevron will make an upfront cash payment and agree to fund its share of development costs to acquire 30% of the Australian company's stakes in the two permits. Chevron has also agreed an option to lift its holding up to 60% at a later date, depending on exploration results.
Write to Ross Kelly at ross.kelly@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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