JP Morgan On CVX 1Q11 Interim Update

JP Morgan has issued a report following the 1Q11 interim update on Chevron CVX. According to the report, “On Monday after market close, N-rated Chevron (CVX) released its 1Q11 interim update, highlighting key operating and market factors likely to impact 1Q11 reported results. In our view, the interim update held no real surprises, but did reinforce our concerns that lofty oil prices may lower production governed by PSCs, potentially weighing on investor sentiment following CVX's two-year growth spurt that saw volumes increase nearly 10%.” CVX is Neutral Rated and closed at $107.78 yesterday.