Chevron plans to seek new partner for Kitimat LNG as Apache quits

|About: Apache Corporation (APA)|By:, SA News Editor

Chevron (CVX -1.1%) says it is “unconcerned” about Apache’s (APA -2.3%) announcement yesterday that it will divest its stake in the proposed Kitimat liquefied natural gas project in British Columbia, and will seek out a new partner.

CVX already has started drilling appraisal wells in the gas fields that will supply the proposed Kitimat complex, and it is still studying how much the project will cost and how long it will take to construct, CVX Vice Chairman George Kirkland said during today's earnings conference call.

Earlier: Chevron Q2 earnings beat estimates on higher oil, gas prices.