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Chevron Sells Overseas Assets for $1.6 Billion

Chevron recently said that its affiliated companies have sold their non operating interests in oil fields and pipelines in Azerbaijan to mol Hungarian oil and gas PLC for us $1.57 billion. The deal was completed Thursday, the company said. "Chevron regularly evaluates its global portfolio to assess whether its assets are strategic and capital competitive," Jay Johnson, executive vice president of upstream operations, said in a statement. "The sale is an important part of our divestment plan, which aims to achieve $5 billion to $10 billion in pre tax income between 2018 and 2020," he said. Chevron shares fell 2% Thursday, with energy stocks in the S & P 500 index the worst performing on the day.