Chevron (NYSE:CVX) Gets Approval to Restart Refinery Plant in California

The San Ramon, California based Chevron Corporation (NYSE:CVX) on Friday got regulatory endorsement to restart a key unit at its refinery in Richmond, California, which had been operating at lowered rates after a fire in August.

Occupational Safety and Health Division of California granted approval to oil giant to bring back online the plant’s crude distillation unit, which faced major fire incident due oil leakage.

The oil major Chevron used other parts of the 245,000 barrel per day refinery to continue producing gasoline while it repaired the CDU.

Last month, Chevron announced that it projected the refinery to reach normal production rates in the Q2.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. BP plc (ADR) (NYSE:BP) rose +0.58% to settle at $41.52, Royal Dutch Shell plc (ADR) (NYSE:RDS.A) moved up +0.02% to end at $64.15 while Occidental Petroleum Corporation (NYSE:OXY) jumped +0.04% to finish at $81.85 on Friday.

Chevron Corporation (NYSE:CVX) last session’s volume of 5.03 million shares was lower than its average volume of 5.69 million shares. The stock after opening at $116.64 hit high price of $117.64 and then closed at $117.52 by scoring -0.47%.

CVX generated revenue of $241.91 billion in the previous twelve months and earned $26.18 billion. The Company showed a positive 10.89% in the net profit margin as well as in its operating margin which remained at 19.15%. Company’s annual sales growth for the past five years was 1.83%.

The CVX’s past twelve months’ price to sales ratio was 0.94 and price to cash ratio remained 10.42. As far as the returns are concerned, CVX’s return on equity was recorded as 20.30% and return on investment increased 14.14% while its return on asset stayed at 11.90%.

The stock showed weekly downbeat performance of -1.09% which was maintained for the month at -0.80%. Likewise the positive performance for the quarter was recorded as 7.75% and for the year was 12.18% while the YTD performance remained at 9.52%.

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