Oil: Chevron Announces Major Gulf of Mexico Discovery, Stock Falls Hard (CVX)

With the haircuts the auditors are going to require for the soon-to-be-reported fourth quarter, proven and probable reserves may take on a negative valuation.


Kidding.
CVX down another 1.33% following yesterday's 3.997% drop, $106.64 last.
From the Wall Street Journal:

Chevron Corp. has discovered oil in its Gulf of Mexico Anchor well and will begin appraisal drilling in the coming months. Amid tumbling oil prices world-wide, this is Chevron’s second discovery in the deepwater Gulf in less than a year.

Chevron senior vice president Jay Johnson said that the Anchor discovery, along with last year’s discovery at the Guadalupe well, are “significant finds,” and that the company reported more than in 30 discoveries world-wide in 2014....MORE