Chevron Shares Rise 1.4% on Significant Oil Discovery in Angola

Chevron (NYSE:CVX) shares rose by 1.4% during mid-day trading on Monday, reaching as high as $203.68 and closing at $202.75.

The company's subsidiary, Cabinda Gulf Oil Company, reported a significant discovery in offshore Angola's Block 0, with the 105-4X exploration well encountering over 600 meters of hydrocarbon column and more than 90 meters of net pay in the Pinda reservoir.

This find expands Chevron's resource base and supports its exploration strategy. The discovery is also near existing infrastructure, potentially allowing for faster and lower-cost tieback development.