Chevron agreed to sell its South Belridge field.

The San Francisco-based oil company said it agreed to sell the 500-acre field to Celeron Oil & Gas for about $395 million. The purchase gives Celeron, a subsidiary of Goodyear Tire & Rubber, a productive oil field located near its California-Texas crude oil pipeline, which is under construction. Chevron said the sale includes 130 oil wells producing 5,100 barrels a day and associated equipment and facilities. The properties are located 40 miles west of Bakersfield. The sale was part of Chevron’s effort to pay down the $13.3-billion debt that it took on to buy Gulf Oil last year.