Chevron (CVX) and Shell (RDS.A, RDS.B) swap stakes in two multibillion-dollar natural gas...

|About: Chevron Corporation (CVX)|By:, SA News Editor

Chevron (CVX) and Shell (RDS.A, RDS.B) swap stakes in two multibillion-dollar natural gas projects in Australia, betting on Asia's growing energy demand. Chevron will transfer its interest in the proposed $30B-plus Browse export terminal to Shell in exchange for two gas fields associated with the $29B Wheatstone export terminal plus $450M in cash. CVX +0.2%, RDS.A -0.6% premarket.