Chevron is reportedly preparing to sell up to $5 billion worth of assets in Asia as part of effort to raise about $10 billion from global asset sales.
Sources familiar with the matter told the Wall Street Journal that Chevron is preparing to sell offshore China assets sometime this month.
Sources told the paper that the company is considering the sale of an offshore production venture with China’s CNOOC that could be worth up to $1 billion.
The company may also be considering the sale of geothermal assets in Indonesia and natural gas field assets in Thailand.
A source told the Wall Street Journal that Chevron is currently looking over bids for the geothermal assets that are valued at over $2 billion.
Chevron told the paper it is “exploring potential interest” in its non-operated 16 percent stake in the Arthit development in the Gulf of Thailand.
The company added it has not made any decision to sell the stake and will only move forward if it can “realize attractive value for Chevron.”
Chevron reported a loss of $1.5 billion, or $0.78 per diluted share, for second quarter 2016, compared with earnings of $571 million in the prior year quarter.
Chevron took impairments and other non-cash charges totaling $2.8 billion for the quarter, partially offset by gains on asset sales of $420 million.
Upstream earnings sank to a loss of $2.46 billion in the quarter compared to a loss of $2.21 billion in the same quarter last year.
Downstream earnings fell to $1.27 billion for the second quarter, down from $2.95 billion a year ago.