Chevron Slides on Nigeria Fire Incident

="Scripts/swfobject_modified.js" type="text/javascript">if !IE-->endif-->Content on this page requires a newer version of Adobe Flash Player.if !IE-->endif--> NEW YORK (TheStreet) -- Oil giant Chevron saw its shares slide on a generally positive day for energy stocks amid uncertainties surrounding a fire that broke out on its Nigeria offshore drilling rig. "The event in Nigeria comes at a sensitive time for Chevron -- just two months after its approximately 2,000 barrel spill in Brazil," says Stacey Hudson, an analyst at Raymond James. The spill in Brazil occurred after Chevron underestimated the pressure of the oil field it was targeting. The lack of clarity on when the Nigeria rig would stop burning and when a relief well would be completed led to nervousness and a mild sell-off in the stock. Shares were down 0.7% to $105.99 in midday trading. ... Click to view a price quote on CVX. Click to research the Energy industry.

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