Chevron Strikes Oil in Mexico and 4 Stocks At 52-Week Highs
Chevron Corporation (NYSE:CVX): Closing price $120.18
The deepwater oil exploration and production firm in the Gulf of MexicoVenari Resources reported a major find at its Coronado prospect. The Coronado discovery, which spud on June 1, 2012, met in excess of 400 feet of net oil pay, and was drilled to a total depth of 31,866 feet in 6,127 feet of water, is around six miles from Venari’s Shenandoah discovery, which was previously announced on March 19. Venari holds a 10 percent working interest in Coronado. Venari and its co-owners, including Chevron Corporation, as operator with a 40 percent share, ConocoPhillips (NYSE:COP) with a 35 percent share and Anadarko Petroleum Corporation (NYSE:APC) with a 15 percent interest, are evaluating the well results to calculate the full measure of the recoverable resource. Shares closed down 0.83 percent on Monday at $120.18, and have been traded in a 52-week range of $95.73 to $121.40.