Shell Braces For Tropical Storm 35: Prepares Major Gulf Of Mexico Oil Fields For Shut Down

Shell PLC SHEL disclosed yesterday that it is closely monitoring Tropical Disturbance 35 for potential impacts on its Gulf of Mexico operations.

Hence, as a precaution, the company plans to shut down production at the Stones and Appomattox fields.

Also, the company will evacuate non-essential personnel from the Mars Corridor.

Shell stated that it is in process of pausing some drilling operations safely, with no current impact on other production across the Gulf of Mexico.

Also Read: Hurricane Francine Approaches Louisiana Coast With Category 2 Storm Potential, Local Oil Refineries Cut Production

As per Reuters, the U.S. National Hurricane Center reported that the system near the Gulf of Mexico has a 50% chance of developing into a cyclone within the next 48 hours.

Last month, Shell reportedly planned a 20% cut in its oil and gas workforce to extend cost-saving measures.

Investors can gain exposure to Shell via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX and VanEck Natural Resources ETF HAP.

Price Action: SHEL shares are up 0.93% at $69.36 at the last check Monday.

Image by siam.pukkato via Shutterstock

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