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Chevron to book $3.5 billion to $4.0 billion of non-cash charges in Q4 due to impairment of U.S. upstream assets
ChevronChevron(US:CVX) Market Watch·2024-01-02 16:16

Chevron Corp. CVX, -0.41% said Tuesday it expects to book 3.5billionto3.5 billion to 4.0 billion of non-cash, after-tax charges in its fourth-quarter results due to the impairment of some of its U.S. upstream assets. In a regulatory filing, the oil major said most of the impairment will be on California assets, due to regulatory challenges in that state that have resulted in lower expected future investment levels in its business plans.  “In addition, the company will be recognizing a loss related to abandonment and ...