Chevron Shuts In Four Gulf Assets as Tropical Storm Isaias Strengthens
CVX sits 42% above its 52-week low of $146.49.
Summary
Chevron has begun shut-in procedures at four Gulf of Mexico assets and is evacuating all associated personnel as Tropical Storm Isaias intensifies toward hurricane strength. The company's five other Gulf facilities remain at normal production. Industry-wide, 511,619 barrels per day—25% of current Gulf output—has been shut in as of midday Wednesday. This follows Chevron's Q2 blowout and its recent Venezuela expansion, but the storm threatens near-term upstream volumes. Hurricane Isaias is expected to pass to the north of the Yucatan Peninsula later Thursday before making landfall along the northern Gulf Coast late Friday or early Saturday.
Updated with a Dow Jones Newswires report · What changed
Updates
· Dow Jones Newswires — Chevron said Wednesday it has begun shut-in procedures at four Gulf assets and is evacuating all associated personnel; production at its five other Gulf facilities remains normal.
- Hurricane Isaias is expected to pass to the north of the Yucatan Peninsula later Thursday before making landfall along the northern Gulf Coast late Friday or early Saturday, according to the National Hurricane Center.
· Reuters — Isaias strengthened to a hurricane with 85 mph winds, prompting mandatory evacuations in Florida and emergency declarations in Alabama; Chevron and Shell curtailed Gulf operations.
At the time of this announcement, CVX was trading at $207.30 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $405.3B. The 52-week trading range was $146.49 to $217.78. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.