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Chevron Corporation (NYSE:CVX) Closing price $113.88

On Wednesday, Chevron said that its China subsidiary has reached production sharing contracts with CNOOC (NYSE:CEO) for two exploration blocks in the South China Sea’s Pearl River Mouth Basin. Through the terms, Chevron China Energy Company will hold a 100-percent interest in blocks 15/10 and 15/28 in the Basin. During the exploration phase, the company will be the operator of the two shallow water blocks, which in the aggregate cover an area of roughly 2,233 square miles.

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