On October 8, Chevron rose 3.07% in regular trading, trading at $211.45 per share, with turnover of $3.49 billion.

The move followed Tropical Storm Isaias approaching the Gulf of Mexico and UBS raising its price target on the stock to $235 from $220 while maintaining a buy rating.

Chevron has begun shut-in procedures for production at four Gulf of America facilities and is evacuating workers as the storm approaches, while production at five other Gulf facilities remains at normal levels. The supply disruption concerns helped lift oil prices and the broader energy complex, with BP up over 4%, Shell up 3.7%, and Exxon Mobil up 2.66%.

Separately, Chevron announced late Tuesday it will divest its ownership interests in Hess Midstream and DJ Basin crude oil midstream assets in exchange for improved Bakken midstream commercial terms and $200 million in cash. The company expects the revised agreements to reduce Bakken unit midstream costs by about 50%, improve return on capital employed, and deconsolidate roughly $3.7 billion of Hess Midstream debt, while recording a one-time after-tax loss of approximately $3 billion to $4 billion at closing.

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