NEW YORK (TheStreet) -- Chevron Corp. (CVX) announced on Monday that work has commenced at the Pascagoula, Mississippi oil refinery, and the facility is expected to produce 25,000 barrels of premium base oil per day.
Now that the facility has come online, the company is expected to increase its capacity to produce base oils by 70%, making it the world's largest premium base oil producer in the world, Fuelfix.com reports.
The Pascagoula facility will service customers on the East Coast of the U.S., Europe, and Latin America.
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Shares of Chevron are up 0.47% to $131. in afternoon trading on Monday.
Separately, TheStreet Ratings team rates CHEVRON CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."