Chevron Global Energy Inc. – a fully owned affiliate of U.S. energy giant Chevron Corporation CVX – has concluded the divestment of its entire stake in Caltex Australia Limited.

The Chevron subsidiary sold its 50% ownership – 135 million shares at AUD$35.00 per piece − in Australia’s biggest refiner for AUS$4.7 billion (US$3.7 billion). The net cash proceeds are expected to be received by Chevron on Apr 2. The gain from the asset sale will likely be recorded in the second-quarter 2015 financial statements.

As per Reuters, the transaction is the largest block deal in Asia this year. Chevron added that the recent divestment will help the company to increase liquidity and strengthen its balance sheet in a weak oil pricing environment. As a result, Chevron will be able to provide significant cash flows, in the form of strong dividend, to its shareholders in an adverse business scenario.

Through 2017, Chevron is planning to divest $15 billion worth assets, 50% higher than the prior target of $10 billion.

San 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 currently carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months.

Meanwhile, some better-ranked players in the energy sector are Western Refining Inc. WNR, Valero Energy Corporation VLO and Ferrellgas Partners LP FGP. All the stocks sport a Zacks Rank #1 (Strong Buy).