TotalEnergies acquires 25% stake in 26 Chevron U.S. offshore leases

What happened: TotalEnergies (TTE) said it acquired a 25% working interest in 26 Chevron-operated exploration leases offshore the United States. Chevron (CVX) will acquire a 75% operated interest from TotalEnergies in two exploration leases. Key numbers: 25% working interest in 26 Chevron-operated leases; 75% operated interest in two leases. Why it matters: The transaction ties the two companies together across a large set of U.S. offshore exploration leases, with Chevron taking the operator role on the two leases it will hold at 75%.

TotalEnergies (TTE) said it acquired a 25% working interest in 26 Chevron-operated exploration leases offshore the United States. Chevron (CVX) will acquire a 75% operated interest from TotalEnergies in two exploration leases.

The transaction ties the two companies together across a large set of U.S. offshore exploration leases, with Chevron taking the operator role on the two leases it will hold at 75%.