NEW YORK (TheStreet) -- Chevron Corp. (CVX) says it won't let the declining international oil prices deter it from considering future investment opportunities in the newly opened energy sector in Mexico, Reuters reports.
Mexico is in the midst of a reform to its energy sector, as earlier this year the country's government approved a measure that ended a decades-long monopoly of the state-owned oil company Pemex, Reuters added.
Recently crude oil markets have been trading near five-year lows. Benchmark crude dropped below $70 per barrel on Monday before beginning a slight rebound, Reuters noted.
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"That doesn't play a significant role in our long term decisions...you can't look at the moment and decide about Mexico," the Houston-based head of exploration and production for Latin America and Africa told Reuters.
Shares of Chevron are up by 0.35% to $112.12 in mid-morning trading on Tuesday.
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Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."