The Brazil government has suspended Chevron Corporation (NYSE:CVX)’s oil drilling rights after an offshore oil spill.

The Brazil government announced that it has suspended the oil drilling rights of Chevron Corporation (NYSE:CVX) after the Nov. 8 oil spill that caused 2,400 barrels of oil to leak into the ocean.

However, the company said it has not received any formal halting notice from the government agency ANP.

Chevron Corporation (NYSE:CVX) CEO in Brazil George Buck said, “The company acted as rapidly and safely as possible and used all resources to contain and stop the flow of oil from the well. We controlled the source in four days. We worked with transparency and cooperation with the authorities of Brazil. We have an ongoing investigation. We will share the lessons learned with the people of Brazil to ensure that this never happens here or anywhere else in the world”.

Chevron Corp. (NYSE:CVX) stocks were at 93.75 at the end of the last day’s trading. There’s been a -3.9% movement in the stock price over the past 3 months.

Chevron Corp. (NYSE:CVX) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.5
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.44
Zack’s Rank: 1 out of 19 in the industry