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CHEVRON CORPORATION

(CVX)
  Report
Delayed Nyse  -  04:03 2022-12-02 pm EST
181.03 USD   -0.80%
12/02Venezuela, Chevron formally sign oil contracts in Caracas
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12/02Venezuela signs contracts with Chevron to reanimate, expand oil output
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12/01U.S. oil refiner Valero, rivals pursue Chevron for Venezuelan crude
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Chevron Halts Output at Two Offshore Facilities Ahead of Hurricane -- Update

09/26/2022 | 12:15pm EST

By Dan Molinski


Chevron Corp. said Monday it was moving workers to safety and halting production temporarily at a pair of offshore production platforms in the Gulf of Mexico as it prepares for Hurricane Ian.

"We have begun transporting all personnel from our Petronius and Blind Faith platforms and are shutting-in the facilities," Chevron said in an emailed statement. Chevron added, however, that all of its other production from Chevron-operated Gulf of Mexico assets "remains at normal levels."

Shell, another offshore producer, said it also was keeping a close eye on the storm. "We are closely monitoring Hurricane Ian," the company said in an emailed statement. "As of today, there have been no impacts to Shell operations in the Gulf of Mexico."

Hurricane Ian is currently located in the Caribbean Sea and is expected to head northward and make landfall in western Cuba on Tuesday before continuing north and slightly east and making landfall somewhere along the western coast of Florida on Wednesday.

If it does touch down in Florida, Hurricane Ian would become the first hurricane of the 2022 Atlantic hurricane season to make landfall on the U.S. mainland.

As the storm continues to develop, Tom Kloza at Oil Price Information Service said more offshore oil shut-ins are possible.

"It looks like the storm has moved a bit westward and my sense is that track takes it closer to some offshore rigs," Kloza said. " Probably won't lose any, but precautionary shutdowns can have an impact."

The two Chevron platforms halting output can produce around 120,000 barrels a day of oil combined, though actual daily production can be lower than that. Total offshore oil production in the Gulf of Mexico is about 1.8 million barrels a day, which accounts for about 16% of total U.S. production of 11 million barrels a day.

Offshore natural gas production is about 5% of total U.S. production, according to the U.S. government's Energy Information Administration.


Write to Dan Molinski at dan.molinski@wsj.com


(END) Dow Jones Newswires

09-26-22 1415ET

Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.49% 85.9 Delayed Quote.11.95%
CHEVRON CORPORATION -0.80% 181.03 Delayed Quote.55.51%
S&P GSCI NATURAL GAS INDEX -6.78% 294.0819 Real-time Quote.68.39%
WTI -1.34% 80.208 Delayed Quote.6.45%
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Analyst Recommendations on CHEVRON CORPORATION
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Financials (USD)
Sales 2022 239 B - -
Net income 2022 37 526 M - -
Net Debt 2022 7 713 M - -
P/E ratio 2022 9,26x
Yield 2022 3,14%
Capitalization 350 B 350 B -
EV / Sales 2022 1,50x
EV / Sales 2023 1,59x
Nbr of Employees 42 595
Free-Float 79,1%
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Technical analysis trends CHEVRON CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 181,03 $
Average target price 191,14 $
Spread / Average Target 5,59%
EPS Revisions
Managers and Directors
Michael K. Wirth President-Global Supply & Trading
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Eimear Bonner Chief Technology Officer & Vice President
Ronald D. Sugar Independent Director
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