Chevron finds more oil in Gulf of Mexico
San Ramon-based Chevron has discovered a new oil find in deep waters off the Gulf of Mexico in an area known as the Coronado prospect.
Well No. 1 in Walker Ridge Block 98 encountered more than 400 feet of oil. The well is about 190 miles off the Louisiana coast in 6,127 feet of water and was drilled to a depth of 31,866 feet.
"The Coronado discovery demonstrates how Chevron is achieving its strategy of superior exploration performance," Chevron Vice Chairman George Kirkland said. "The discovery adds to our global portfolio of high-quality opportunities for future growth."
The well results are still being evaluated, and additional work is needed to determine the extent of the resource. Chevron, with a 40 percent working interest in the prospect, is the operator of the Coronado discovery well.
Safeway shares reach a 52-week high
Pleasanton-based Safeway shares jumped to a 52-week high Monday, as investors grabbed the stock of the supermarket retailer.
Safeway climbed 18 cents, or 0.7 percent, to finish at $25.93.
Over the most recent 52-week period, Safeway shares have risen 26 percent.
The grocer has been delivering positive earnings surprises of late and has been increasing profit margins and expanding market share.
On Feb. 21, Safeway reported that its fourth-quarter profit was up 58 percent from the year-ago period, and at $1.06 a share was well above Wall Street's estimates.