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Chevron plans to divest Appalachian business

A Cabot Oil and Gas natural gas drill stands at a hydraulic fracturing site on January 18, 2012 in South Montrose, Pennsylvania. (Photo by Spencer Platt/Getty Images)

PITTSBURGH — Chevron Corp., one of the biggest oil and gas companies in the world, plans to market for sale its Appalachian natural gas operation, a casualty of continued low gas prices. Chevron has its regional headquarters near Pittsburgh International Airport.

Chevron (NYSE: CVX) made the announcement late Tuesday with its 2020 capital plans, which also include a cut in investment in Appalachia for next year. A Chevron spokeswoman confirmed to the Business Times the announcement means marketing the assets for sale. Chevron has a headcount of about 400 in the region, which will remain the same for the time being. The company expects to review employment at the office over the next several months. About 300 of the 400 employees in the business unit are at its regional headquarters.