Chevron Hires Ex-Citigroup Energy Banker Lovegrove as Adviser

Chevron Corp. (CVX) hired former Citigroup Inc. (C) oil and gas banker Martin Lovegrove in an advisory role as the energy group looks to expand production.

Chevron “has contracted Martin Lovegrove to an advisory position within the company,” Gareth Johnstone, a Chevron spokesman, said in an e-mail. He will assist with “business development activities.”

Lovegrove was Citigroup’s chairman for global energy until departing the New York-based bank earlier this year. He advised on transactions including Cnooc Ltd.’s $15.1 billion acquisition of Canada’s Nexen Inc., the largest-ever foreign takeover by a Chinese company.

San Ramon, California-based Chevron is spending $36.7 billion this year on exploration, export terminals and refinery upgrades after oil and gas output hit a four-year low in 2012.

To contact the reporters on this story: Matthew Campbell in New York via mcampbell39@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.