UPDATE 1-Chevron says El Segundo refinery unit being shut

(Updates with Chevron statement)

HOUSTON, May 14 (Reuters) - Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) said that it is shutting down a unit at its 260,000 barrel per day (bpd) Los Angeles-area refinery in El Segundo, California, after it malfunctioned and triggered flaring on Wednesday afternoon.

"The flaring was due to a failure of a gas compressor in one of the process units," said Chevron spokesman Lloyd Avram. "Process gas from the unit -- which is propane and butane -- is being sent to the safety flare.

The unit will be shut to evaluate if it needs repairs, Avram said. (Reporting by Erwin Seba; editing by Carol Bishopric )