A massive fire broke out at a Chevron Corp. (NYSE:CVX) oil refinery in California, one of the largest on the U.S. West Coast, on Thursday night. The cause of the fire is yet to be determined, but no injuries have been reported.
Explosion Triggers Fire, Governor Newsom Ensures Coordination
The fire broke out at Chevron’s El Segundo plant near Los Angeles, which supplies jet fuel for the Los Angeles International Airport (LAX).
The cause of the blaze was not clear, according to a report from the Los Angeles Times.
All refinery personnel and contractors have been accounted for, and there are no injuries, Chevron said in an emailed statement to Benzinga.
The company’s fire department personnel, including emergency responders from the City of El Segundo and Manhattan Beach, are actively responding to an isolated fire inside the Chevron El Segundo Refinery, it added.
The refinery’s rated capacity is 290,000 barrels per day, and its main products are gasoline, jet, and diesel, according to Chevron’s website. Its total storage capacity is 12.5 million barrels in about 150 major tanks.
Check the current price of CVX stock here
In a post on social media platform X, California Governor Gavin Newsom’s office said he has been briefed on the incident.
“Our office is coordinating in real time with local and state agencies to protect the surrounding community and ensure public safety.”
Chevron Shows Recovery Momentum Amid Hess Integration
The incident comes at a time when Chevron had just started to regain its footing. In August, Chevron had reported a resilient set of financial results, reflecting momentum in the Hess integration, according to RBC Capital Markets.
According to Benzinga Edge Stock Rankings, Chevron has a growth score of 41.84% and a value rating of 74.45%. Click here to see how it compares to its peers.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
