Hurricane Francine, currently approaching Louisiana's coast, is expected to make landfall in the late afternoon and early evening as a Category 1 storm.

The storm's northern eyewall was about 95 miles southwest of Morgan City, Louisiana at 2 p.m. ET. NBC News reports sustained wind speeds of 90 miles per hour as it moves northeast at 16 miles per hour.

Francine may develop into a Category 2 storm with winds between 96 and 110 miles per hour, according to meteorologists. It's expected to reach land between Avery Island and Houma, Louisiana between 4 p.m. and 8 p.m. ET.

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Hurricane Francine is likely to make landfall between Avery Island and Houma, Louisiana, between 4 p.m. and 8 p.m. ET Wednesday.

A hurricane warning is in effect across most of the Louisiana coastline, while a storm surge warning covers the area from High Island, near Houston, all the way to the Mississippi and Alabama border.

A state of emergency has been declared by the governors of both Louisiana and Mississippi, with many local leaders ordering or strongly recommending that towns and cities evacuate low-lying, coastal areas.

Flights from New Orleans International Airport were canceled at 12 p.m. ET.

President Joe Biden approved an emergency declaration for Louisiana, making federal disaster assistance available to the state, the Federal Emergency Management Agency said Wednesday.

"The President's action authorizes FEMA to coordinate disaster relief efforts to alleviate the hardship and suffering caused by the emergency on the local population and to provide appropriate assistance to save lives, to protect property, public health and safety and to lessen or avert the threat of a catastrophe in the designated areas," the agency said.

Exxon Mobil Corporation (NYSE:XOM) said earlier on Wednesday that it plans to cut production at its Baton Rouge, Louisiana, refinery to as low as 20% of its 522,500 barrel-per-day capacity by Wednesday in anticipation of the hurricane.

Price Action: Oil companies that operate refineries on the Louisiana coast mostly fell into Wednesday's late-afternoon trading.

• Exxon Mobil slipped 0.66% to $110.08
• Marathon Petroleum Corporation (NYSE:MPC) slipped 2.64% to $159.22
• Shell plc (NYSE:SHEL) gained 0.55% to $66.26
• Valero Energy Corporation (NYSE:VLO) went down 2.24% to $133.04
• Phillips 66 (NYSE:PSX) declined 1.29% to $125.242

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