Chevron, BP stop output at some Gulf of Mexico facilities ahead of hurricane

Sep. 26, 2022 2:19 PM ETChevron Corporation (CVX), BPBy: Carl Surran, SA News Editor2 Comments

Chevron Reports $8.3 Billion Loss For Second Quarter

Justin Sullivan/Getty Images News

Chevron (NYSE:CVX) said Monday it is moving workers to safety and temporarily shutting in production at two oil production platforms in the Gulf of Mexico as a precaution ahead of Hurricane Ian, which is strengthening as it is predicted to make landfall in northwest Florida.

The Petronius and Blind Faith platforms produce a combined ~120K bbl/day of crude oil, a small portion of total offshore production of 1.8M bbl/day.

BP (NYSE:BP) said it has shut in production and is evacuating workers from its Na Kika platform in the Gulf, and is halting production and evacuating personnel from its Thunder Horse platform.

Total Gulf of Mexico offshore oil production accounts for ~16% of total U.S. production, while offshore gas production amounts to 5% of total U.S. production, according to the U.S. Energy Information Administration.

Chevron (CVX) shares -1.7% in Monday's trading as nearly all energy stocks on the S&P 500 are lower with crude oil falling sharply.

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