Chevron is reportedly exploring the sale of a host of pipeline assets in the Denver-Julesburg shale basin, which could potentially generate more than $2bn.  

The assets, mostly inherited from Chevron's acquisition of Noble Energy in 2020 and its subsequent takeover of Noble's midstream business, are being marketed by Bank of America, reported Reuters, citing sources.  

These assets are said to contribute approximately $200m in earnings before interest, taxes, depreciation and amortisation (EBITDA), according to the sources. 

While the sale is being actively pursued, it is not guaranteed, and Chevron may choose to retain some or all of the assets.  

Chevron and Bank of America have declined to comment on the matter, reported the media outlet.  

Chevron is a significant oil and gas producer in the Denver-Julesburg basin, primarily located in Colorado and parts of Wyoming. 

The company recently completed the $55bn acquisition of Hess, following a legal battle with ExxonMobil. Despite this achievement, Chevron faces challenges in managing costs, competing with rivals and maintaining financial performance amid fluctuating oil prices. 

Meanwhile, Chevron has shut down multiple units at its 285,000 barrels-per-day El Segundo refinery in southern California after a fire broke out late last week.  

The fire, which erupted in the jet fuel production unit, caused no injuries, according to Chevron spokesperson Allison Cook.  

The El Segundo refinery is a crucial supplier of motor vehicle fuels and provides 40% of southern California's jet fuel. 

The fire occurred in the Isomax 7 unit, which is responsible for converting mid-distillate fuel oil into jet fuel. The cause of the fire is yet to be determined.