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Chevron Shuts In Petronius Output as Tropical Depression 2 Nears

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Chevron (CVX) is shutting in production at its Petronius facility and moving workers ashore as Tropical Depression Two approaches the Gulf of Mexico, Chevron confirmed in an emailed statement toon Monday.

"In preparation for Tropical Depression Two, we are shutting-in production at our Petronius facility, and all associated personnel are being moved onshore," the spokesperson said.

The company's spokesperson said production at its other company-operated Gulf of Mexico assets remains "at normal levels," while Chevron transports nonessential personnel from its Tubular Bells and Blind Faith platforms.

The company said it has activated storm preparedness procedures at its onshore facilities and will continue monitoring the system while prioritizing worker safety, facility integrity and environmental protection.

Tropical Depression Two could disrupt about 2 million barrels of crude oil production in the US Gulf of Mexico, which accounts for about 14% of US crude output, as more high-producing offshore platforms lie in the storm's projected path, Reuters reported, citing Earth Science Associates estimates.

Shell (SHEL), BP (BP), Chevron and Occidental Petroleum (OXY) rank among the largest deepwater operators in the US Gulf of Mexico, according to the Reuters report.

Stretching from Corpus Christi, Texas, to Pascagoula, Mississippi, the Gulf Coast refining corridor accounts for about half of the nation's 18.4 million barrels-per-day refining capacity, the report added.

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