Integrated energy company, Chevron Corporation CVX recently sold five fields in Gulf of Mexico’s Outer Continental Shelf and in Louisiana state waters to Cantium LLC, a private and independent oil and gas company. Cantium is funded by York Capital Management and Sole Source Capital.Investors should know that in the first quarter of 2017, production from the properties of Chevron in the Gulf of Mexico increased significantly, which helped the company to achieve $80 million in earnings from the upstream business during this period.Deal DetailsThe deal will provide Houston-based Cantium ownership of Chevron's Bay Marchand and Main Pass assets. The transaction includes 300 active wells, 151 platforms, the Port Fourchon onshore treatment plant, caissons, and several offshore structures. The deal amount was not disclosed by the companies. It is expected to be completed by the second half of this year. Cantium might retain some of the Chevron workers following the acquisition.Cantium, established in 2016, wants to continue operations in the assets based in Covington, LA.Chevron's ViewThe deal is in line with Chevron’s last year plan to divest $10 billion shallow water assets during 2016-17. This will enable the company to focus on its deepwater assets. The divestment plan is part of the company’s strategy to increase cash margin.Chevron's divestment plans of lower margin barrels include the assets in Bangladesh, Canada, South Africa, Gulf of Mexico and Indonesia. Among these, sales and purchase agreements have already been signed for Bangladesh, Canada downstream and South Africa. The Indonesian properties brought $2.1 billion to the company. With the Gulf of Mexico deal, Chevron completes the divestment of its remaining shelf assets.About the CompanySan Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses. Chevron, in its present form, resulted from the 2001 merger between Texaco and Chevron Corporation. The company’s operations are divided into two main segments: Upstream and Downstream.Price PerformanceIn the last six months, Chevron’s shares mirrored the Zacks categorized Oil and Gas Integrated industry. The company’s shares fell 10%, whereas the industry recorded a decrease of 10.4%.Zacks Rank and Stocks to ConsiderChevron presently has a Zacks Rank #3 (Hold).Some better-ranked stocks in the oil and energy sector are Delek US Holdings, Inc. DK, Southcross Energy Partners, L.P. SXE and Canadian Natural Resources Limited CNQ. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Delek US Holdings’ sales for 2017 are expected to increase 71.3% year over year. The company came up with an average positive earnings surprise of 60.7% in the last four quarters.Southcross Energy’s sales for the second quarter of 2017 are expected to increase 29.4% year over year. The partnership delivered an average positive earnings surprise of 22.7% in the last four quarters.Canadian Natural Resources’ sales for 2017 are expected to increase 49.4% year over year. The company delivered a positive earnings surprise of 30.8% in the first quarter of 2017.Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Delek US Holdings, Inc. (DK): Free Stock Analysis Report Canadian Natural Resources Limited (CNQ): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report Southcross Energy Partners, L.P. (SXE): Free Stock Analysis Report To read this article on Zacks.com click here.