Chevron has put nearly 12,000 acres in the Marcellus shale play on the auction block for an undisclosed price.
The company is taking sealed bids on non-core acreage in Clearfield and northern Cambria counties in Pennsylvania until May 21, the Pittsburgh Business Times said.
According to the company’s listing on EnergyNet Chevron is selling 11,588 mostly contiguous net acres with potential upside from Oriskany deep rights.
The combined 12 month average net income for the acreage is listed as $218,219 per month.
About 52 percent of the listed acreage is held in production and the asset includes six producing wells.
“Chevron considers developing the Marcellus and Utica an important long-term opportunity and is committed to investing in its core development areas in the tri-state region,”a Chevron spokeswoman told the Pittsburgh Business Times.
Chevron booked $2.6 billion in first quarter earnings, or $1.37 per diluted share, down from $4.5 billion during the same period in 2014.