SYDNEY--Chevron Corp. (CVX) said Friday it would sell its 50% interest in oil refiner Caltex Australia Ltd. (CTX.AU), potentially raising around 5 billion Australian dollars (US$3.90 billion).

The second biggest U.S. oil producer by output behind Exxon Mobil Corp. said it entered an underwriting agreement to sell its Caltex Australia shares to what it expects to be a a range of institutional investors.

Caltex Australia shares closed trading in Sydney on Friday at A$37.88 each, giving the company a market capitalization of A$10.22 billion.

Write to Ross Kelly at ross.kelly@wsj.com

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