Chevron Corporation (NYSE:CVX) shares are trading lower on Thursday as oil prices dip amid demand concerns as investors weigh growing coronavirus cases and weak U.S. economic data.
Macro concerns due to increasing virus cases and a decline in U.S. GDP have clouded the outlook for an economic rebound. Weakness also potentially in sympathy with Shell, which posted a steep drop in second-quarter profits.
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. Chevron is the second-largest oil company in the United States with a production of 3.2 million of barrels of oil equivalent a day, including 7.6 million cubic feet a day of natural gas and 2.0 million of barrels of liquids a day. Proven reserves at year-end 2019 stood at 11.4 billion barrels of oil equivalent, including 6.5 billion barrels of liquids and 29.5 trillion cubic feet of natural gas.
Chevron shares were trading down 4.31% at $86.19 at time of publication on Thursday. The stock has a 52-week high of $125.27 and a 52-week low of $51.60.