U.S. energy giant Chevron said Tuesday it has reached a deal to sell its interests in Alaska's Cook Inlet basin to Texas-based oil firm Hilcorp Energy.
Financial terms of the agreement were not disclosed, and Chevron said the sale will be completed by the year's end.
According to a news release, assets in the sale include Chevron's interests in Granite Point, Middle Shoals, Trading Bay and MacArtrhur River fields, as well as Chevron's interests in 10 offshore platforms, two onshore gas fields and two gas storage facilities. Also included are Chevron's interests in two pipeline companies.
Chevron had said those assets, with current net daily production of roughly 3,900 barrels of oil and 85 million cubic feet of natural gas, no longer fit into its global portfolio.
But the company said it will keep its interest in North Slope oil fields and its 1.36 percent interest in the trans-Alaska pipeline system.
One of the world's six "supermajor" oil companies, Chevron has been on the Fortune 500's list of top five U.S. corporations for last five years.