Chevron-led Tengiz Oilfield Production Recovers After 30% Drop
CVX sits 35% above its 52-week low of $135.21.
Summary
Oil production at the Chevron-led Tengiz oilfield in Kazakhstan is recovering following a recent incident. This update follows news from March 3rd that reported a significant 30% (175,000 barrels per day) drop in output at the field. The recovery of production is a positive development, mitigating the material operational disruption and production loss previously impacting Chevron's upstream segment. Exxon Mobil is also a partner in the Tengizchevroil consortium.
At the time of this announcement, CVX was trading at $182.40 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $363.4B. The 52-week trading range was $135.21 to $214.71. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.