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Sabinal Energy acquires Permian Basin assets from Chevron

Chevron has sold an asset package consisting of about 64,500 Permian Basin acres with production of roughly 7,500 barrels of oil equivalent per day to Sabinal Energy, a startup backed by Kayne Private Energy Income Fund, for an undisclosed amount. The sale is part of Chevron's plan to divest between 150,000 and 200,000 net acres in the Permian Basin in 2017 and 2018.

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