The Bulgarian Government has cancelled a shale gas drilling permit granted to Chevron Corporation (NYSE:CVX).

Chevron Corporation (NYSE:CVX) Hit With Drilling Cancellation

Due to environmental concerns, the Bulgarian government has cancelled an exploration permit for the unconventional energy source that it granted to the U.S. based energy major Chevron Corporation (NYSE:CVX) in June last year.

However, the Bulgarian government said that Chevron Corporation (NYSE:CVX) can still prospect for oil and gas in north-eastern Bulgaria, but only by using conventional drilling techniques and not hydraulic fracturing.

Chevron Corp. (NYSE:CVX) shares were at 106.72 at the end of the last day’s trading. There’s been a 5.6% change in the stock price over the past 3 months.

Chevron Corp. (NYSE:CVX) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.56
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.4
Zack’s Rank: 1 out of 19 in the industry