Chevron halting production at two offshore platforms ahead of Hurricane Ian

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Chevron Corp. CVX, -2.06% said Monday it was halting production at two platforms in the Gulf of Mexico ahead of Hurricane Ian, and that production at other Chevron facilities in the Gulf remained “at normal levels.” Chevron “will continue to closely monitor the storm and remains focused on the safety of our workforce, the integrity of our facilities and the protection of the environment,” the company said in an emailed statement. Forecasters warned Monday that Hurricane Ian would “continue rapidly strengthening” and approach the west coast of Florida on Wednesday into Thursday. Shares of Chevron have gained 22% so far this year, contrasting with losses of around 23% for the S&P 500 index SPX, -1.07% in the same period. Nearly all energy stocks on the S&P traded in the red Monday, with Exxon Mobil Corp. XOM, -1.55% shares poised to hit their lowest close since July 15 and extending a losing streak to eight days.

This article was originally published by Marketwatch.com. Read the original article here.

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