CHEVRON CORP. $122 - New York symbol CVX

CHEVRON CORP. $122 (New York symbol CVX; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.9 billion; Market cap: $231.8 billion; Price-to-sales ratio: 1.0; Dividend yield: 3.3%; TSINetwork Rating: Above Average; www.chevron.com) has suspended work on its $10-billion Rosebank offshore oil project in the North Sea due to rising costs. Chevron owns 40% of this project. The company and its partners will make a decision on whether to proceed with Rosebank by late 2014.

Meanwhile, the company recently began pumping oil at its Papa-Terra offshore platform near Brazil. Chevron owns 37.5% of this operation, while Petroleo Brasileiro S.A. (New York symbol PBR) owns the remaining 62.5%.

Papa-Terra should produce 140,000 barrels a day by the end of 2014. Chevron’s share of 52,500 barrels is equal to 2% of its current daily output.

Chevron is a buy.

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