Chevron Stock Jumps 1.5% After Major Oil Discovery

Chevron's stock price rose by 1.5% on Tuesday, reaching as high as $206.22 before closing at $205.77.

The company traded 7,670,905 shares during mid-day trading, which is a decline of 30% from its average daily volume of 10,890,349 shares.

This increase in stock price comes after Chevron announced an oil and gas condensate discovery at the 105-4X exploration well in offshore Angola's Block 0. The well encountered a hydrocarbon column exceeding 600 meters, including more than 90 meters of net pay in the Pinda reservoir.

This discovery is significant because it could potentially add to Chevron's future production base due to its proximity to existing infrastructure.