Stock Alert: Chevron Loses 4%

(RTTNews) - Shares of Chevron Corp. (CVX) are losing more than 4 percent in Wednesday's trading at $81.08. The stock has traded in a range of $51.60 to $127.00 in the past 52 weeks.

According to a report by Reuters, Kazakhstan-based oil producer Tengizchevroil has suspended work at the $45 billion Tengiz field expansion project in Kazakhstan due to a coronavirus outbreak in the country. Tengizchevroil is a joint venture that is 50 percent owned by Chevron.

Crude oil futures are extending losses on Wednesday from the previous session amid rising oversupply in the global market and worries about plunging demand. WTI crude is declining $0.30 or 1.49 percent to $19.81. Crude oil prices plummeted more than 10 percent on Tuesday.

Chevron will hold its first-quarter earnings conference call on Friday, May 1, 2020.

In late March, the energy giant said that to preserve cash, it was reducing its guidance for 2020 organic capital and exploratory spending by 20 percent to $16 billion. In order to support its balance sheet, the company suspended its $5 billion annual share repurchase program after repurchasing $1.75 billion of shares during the first quarter.