Chevron Corp. shares inched 0.35% higher to $103.56 Thursday. This proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX rising 1.06% to 4,159.12 and the Dow Jones Industrial Average DJIA rising 0.55% to 34,084.15. This rise snapped a two-day losing streak.
Chevron Corp. closed $9.55 short of its 52-week high ($113.11), which the company achieved on May 10th.The stock demonstrated a mixed performance when compared to some of its competitors Thursday, as Exxon Mobil Corp. XOM fell 0.24% to $58.84, Royal Dutch Shell PLC ADR Cl A RDS.A rose 1.15% to $39.73, and Total SE ADR TOT rose 0.79% to $47.14. Trading volume (9.7 M) remained 99,099 below its 50-day average volume of 9.8 M.
Chevron Corp is offering to sell about 29,540 hectares of oil and gas properties in New Mexico. The oil firms accelerate divestitures in a rebounding oil market.Sales in the Permian Basin of West Texas and New Mexico have jumped as shale producers and private-equity firms seize on a sizzling recovery in oil prices to buy companies or secure new drilling prospects.
The company set a May 20 deadline for bids on acres holding more than 1,000 producing wells with $1.1 million in combined monthly revenue, according to a sales document. The company is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas provider Clean Energy Fuels Corp.