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$CVX,...Chevron unveils deepwater Gulf of Mexico oil discovery

Chevron (CVX +2.5%) announces a deepwater oil discovery in the U.S. Gulf of Mexico at the Guadalupe prospect, which CVX says is a core focus area where it expects significant production growth over the next two years.

The well is located in nearly 4K ft. of water and was drilled to a depth exceeding 30K ft.; CVX says the well encountered significant oil pay, but does not provide further details.

CVX has a 42.5% working interest in the prospect and is the operator of the Guadalupe well; BP (BP +1.9%) also owns 42.5%