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12 December, 2019 00:00 00 AM
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Chevron will write down assets by at least $10 billion

AP, San Ramon

Chevron Corporation said Tuesday it will book a charge of at least $10 billion because lower long-term prices for oil and natural gas will reduce the value of its assets.

More than half the write-down is related to gas drilling operations in Appalachia.

The huge fourth-quarter write-down — between $10 billion and $11 billion — underscores the challenge posed by rising production that has prevented energy prices from increasing sharply during a time of increasing global demand.

Chevron said it will reduce spending on some investments including Appalachian shale, a liquefied gas terminal in British Columbia, and other international projects. The company said it is evaluating options including selling those assets.

The San Ramon, California-based company disclosed the estimated charge as it announced that capital and exploration spending next year will be held flat at $20 billion. Chevron will focus on operations in the Permian Basin of west Texas and New Mexico, a big project in Kazakhstan, and deepwater drilling opportunities in the Gulf of Mexico.

 

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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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