First Read: Chevron "CVX to Divest Select (non-core) Southeast Asia and..."

研报英文原文证据摘录

First Read: Chevron "CVX to Divest Select (non-core) Southeast Asia and..."

Global Research

14 May 2026ab

First Read

EquitiesChevron

CVX to Divest Select (non-core) Southeast Asia United States

and Australia Downstream Assets Oil Companies, Major

12-month rating Buy

12m price target US$220.00

What Happened

On Thursday morning, ENEOS announced they will acquire Chevron's Singapore,

Malaysia, Philippines, Australia, Vietnam, and Indonesia downstream fuels and Price (13 May 2026) US$186.00

lubricants marketing businesses for $2.17B. The transaction will be implemented RIC: CVX.N BBG: CVX US

through a special purpose vehicle (SPV) established in Singapore. Through the SPV,

Trading data and key metrics

ENEOS will acquire 100% of the equity interests of the assets. Chevron Singapore Pte

Ltd sale will include its interest in Singapore Refining Capacity (SRC), a 50% owned JV 52-wk range US$211.15-135.29

with a capacity of 290 mb/d, and Chevron Lubricants Vietnam Ltd. The final acquisition Market cap. US$369b

price is expected to be determined by deducing the net interest-bearing debt balance Shares o/s 1,986m (COM)

and applying the price adjustments stipulated in the agreement. The parties expect the Free float 100%

deal to close in 2027. Avg. daily volume ('000) 3,096

Avg. daily value (m) US$597.9

The acquisition intends to promote ENEOS Group's Fourth Medium-Term Management Common s/h equity (12/26E) US$181b

Plan (pursuing portfolio reorganization through targed M&A). Petroleum demand in P/BV (12/26E) 2.0x

Japan is expected to decline over the medium-to-long term, while demand in Southeast

EPS (UBS, diluted) (USD)

Asia is expected to grow, supported by economic development in the region. ENEOS 12/26E

expects to grow EBITDA from the acquired business to $380M by 2030.