Chevron's Venezuelan Crude Exports Rise to 293K BPD in June Amid Overall Export Dip
CVX sits 16% above its 52-week low of $142.51 on light trading volume (0.1× avg).
Summary
Chevron increased its Venezuelan crude exports to 293,000 bpd in June, even as Venezuela's total oil exports slightly fell to 1.2 million bpd. This operational increase for Chevron follows previous reports of surging Venezuelan exports and the company's efforts to recover debt in the country. The rise in Chevron's specific output from Venezuela is a positive development for the company, especially given ongoing global oil supply concerns voiced by its CEO.
At the time of this announcement, CVX was trading at $165.77 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $330.1B. The 52-week trading range was $142.51 to $214.71. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.