Jun 3, 2011
Chevron Corp (NYSE:CVX) launched an investigation today into an explosion that occurred Thursday evening at its Pembroke refinery in southwestern Wales that killed 4 people and seriously injured another.
A Chevron spokeswoman said in a statement read out at the plant, "We have immediately launched our own investigation which will run in tandem with the HSE's (Britain's Health and Safety Executive regulator) own investigation. One storage tank is out of action and another is damaged but other than that the plant remains fully operational. However, given the circumstances, non-essential work has been suspended today."
Police said a fire had broken out after an explosion in a storage tank during maintenance. Ad adjacent storage tank was also damaged.
Gwyn Thomas, Chief Superintendent of the Dyfed Powys police department said, "Paramedics have confirmed that four people lost their lives as a result of the incident. Officers are now in the processes of informing the next of kin and will support the families throughout this difficult time."
The explosion was in a non-core part of the plant, meaning the plant will continue to operate, and most workers are working today, Friday.
Chevron has a potential upside of 23% based on a current price of $100.31 and an average consensus analyst price target of $123.4.
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