Chevron Corporation reported that its subsidiary, Chevron U.S.A. Inc., has agreed to acquire 246,000 net leasehold acres in the Delaware Basin in New Mexico, a part of the Permian Basin, from Chesapeake Energy Corporation. Terms of the agreement were not disclosed.

'This acquisition in a premier emerging play in the Permian Basin grows our significant leasehold position there,' said George Kirkland, vice chairman, Chevron Corporation. 'These early-in-life, liquids-rich unconventional assets have the potential to be significant future contributors to Chevron's robust North American operations.'

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