This deep-water field has big potential

Article Excerpt

CHEVRON CORP. $66 (New York symbol CVX; Conservative Growth Portfolio, Resources sector; Shares outstanding: 2 billion; Market cap: $132 billion; Price-to-sales ratio: 0.5; WSSF Rating: Above Average) has started pumping oil from its 52%-owned Frade offshore project near Brazil. Frade represents just a small fraction of Chevron’s overall production. But this area has large oil and natural gas reserves, and Chevron will participate in four more projects in the next few years. Its expertise with deep-water drilling in the Gulf of Mexico should help cut the risk of these investments. Chevron is a buy. buy…