4 Energy Stock Stories Igniting Tuesday Chatter
Chevron Corporation (NYSE:CVX): Closing price $121.52
The American oil giant said Tuesday that it is divesting five Nigerian shallow-water oil blocks, making Chevron the most recent oil major wishing to dispose of assets in Africa’s biggest oil producing country. In recent years, Royal Dutch Shell, Eni, and Total have sold off a number of Nigerian onshore blocks, while ConocoPhillips is selling its Nigerian operations to Oando Energy for around $1.79 billion. Nigeria wants more direct ownership of its oil and gas resources, either through the state oil company, or local firms, igniting fears among foreign oil majors that they may lose smaller assets for nothing if they don’t sell now, according to industry experts.