Monday, January 31, 2011

Chevron (NYSE:CVX) Selling Coal Assets, Too Long Term for Them

Chevron Corp. (NYSE:CVX) announced they're going to sell their coal assets, with the goal of divesting of them by the end of 2011. They cited the approximate 10-year to 15-year period for new coal technologies to come online as the reasoning behind their decision.

Chevron Mining Inc. spokeswoman Margaret Lejuste said, "Those technologies are so far into the future, 10 to 15 years in the future, they made the strategic decision to focus on other operations other than mining."

Included in the coal assets sale will be mines in Wyoming, New Mexico and Alabama.

Together the mines in these states produced almost 10 million tons of coal in 2009.

Chevron closed Friday at $93.37, dropping $1.38, or 1.46 percent.

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