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Here's Why Chevron (CVX) Stock is Down Today

Parth Panchal

Energy giant Chevron CVX is trading down 1.65% to $106.22 as of 3:04 PM EST due to a road bump in production.

Company spokesman of Chevron announced on Monday that the company has temporarily suspended production at their Gorgon Train Two line in Australia. This has paused production of LNG (liquefied natural gas).

The spokesman stated, “"Production at Gorgon Train 2 is being temporarily suspended for a planned turnaround to enhance the train's reliability in alignment with previously arranged strategies.” He did not add when the production line will be restarted.

This is not the first time this plant was shut down. Since its opening in October, Chevron’s Gorgon Train Two production line has been halted several times from producing gas. With the last shutdown being in late February, production was able to start back up just days later.  

The spokesman added that the rest of the plant has continued to steadily produce. Also, the turnaround which is causing the suspension is supposed to improve capacity and increase reliability of a key flow measuring device on the train.

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