Woodside, page-4601

As of April 2025, there is no indication that Chevron plans to take over Woodside Energy. Recent developments between the two companies have centered on an asset swap aimed at streamlining their respective portfolios in Western Australia, rather than any merger or acquisition activity.Key Details of the Asset SwapIn December 2024, Chevron and Woodside agreed to exchange stakes in several energy projects:Woodside acquired:Chevron’s 16.67% interests in the North West Shelf (NWS) Project and the NWS Oil Project.A 20% interest in the Angel Carbon Capture and Storage (CCS) Project. Chevron received:Woodside’s 13% non-operated stake in the Wheatstone Project.A 65% operated interest in the Julimar-Brunello Project.A cash payment of up to $400 million, contingent on certain project milestones. This transaction allows both companies to concentrate on assets where they hold operational control, enhancing efficiency and strategic focus. Woodside’s increased stake in the NWS Project aligns with its long-term LNG strategy, while Chevron’s bolstered position in the Wheatstone Project supports its operational objectives in the region .Strategic ImplicationsThe asset swap reflects a mutual effort to optimize portfolios rather than a precursor to a takeover. Chevron’s recent divestments in other regions, such as Alaska, Canada, and Congo, suggest a broader strategy of portfolio refinement ahead of its proposed acquisition of Hess Corporation .In summary, while Chevron and Woodside continue to collaborate and adjust their holdings for strategic alignment, there is no current evidence to suggest that Chevron intends to pursue a takeover of Woodside Energy.