NEW YORK (TheStreet) -- Shares of Chevron Corp (CVX) were tumbling, lower by 1.19% to $99.92 in late afternoon trading Friday, as oil prices fell for the second consecutive day after Saudi Arabia said it was ready to raise production to record highs, according to Reuters.
Saudi Arabia, the world's top crude exporter, said it was in discussions with Indian buyers to supply more crude, Reuters reports.
The exporter could potentially top its record high production of 10.3 million barrels per day in May, Reuters added.
Brent crude for July delivery was down 2.09% to $63.75 a barrel as of 3:28 p.m. ET today, while U.S. crude for July delivery was lower by 1.33% to $59.96 a barrel.
Still, Baker Hughes (BHI) reported that the number of rigs exploring for oil in the United States dropped by 7 to a total of 635 rigs.In the same time of last year, the rig count was 1,542.
San Ramon, Calif.-based Chevron is a holding company that is engaged in petroleum operations, chemicals operations, mining operations, and power and energy services through its subsidiaries.
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 reasonable 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 feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."