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Chevron Completes Production Test in Deepwater Well; Joint Venture Inks Deal with Chevron Lummus - Shares Climb 1%

By: MT Newswires
Posted: 2/28/2013 3:09:00 PM
Referenced Stocks: ART;CVX;GRA

Chevron Corp. ( CVX ) today reported that it had conducted a successful production test on the St. Malo PS003 well in the prolific Lower Tertiary trend in the deepwater Gulf of Mexico. Oil flow rates, though limited by testing equipment constraints, exceeded 13,000 barrels of oil per day.

Separately, Advanced Refining Technologies LLC ( ART ), a joint venture between subsidiaries of CVX and W. R. Grace & Co. ( GRA ) has signed an agreement with Chevron Lummus Global (CLG) in which ART will have the exclusive right to sell CLG's hydrocracking and lubes hydroprocessing catalysts to CLG's licensees and other petroleum refiners for unit refills.

CVX is up 0.8% at $117.60, near the high in a 52-week range of $95.73 - $118.53.

GRA is up 0.5% at $71.70 in a 52-week range of $47.40 - $76.30.