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Chevron blames a $4 billion writedown mostly on California's regulations as its war with the state's Democratic-led government heats ups
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useapen
Jan 19, 2024, 3:32:38 AM1/19/24
to
Chevron will write down the value of $3.5 billion to $4 billion in assets
due to restrictive government policies in California and environmental
liabilities in the Gulf of Mexico.
The charges “primarily” stem from California regulations that “have
resulted in lower anticipated future investment levels,” the company said
in a filing on Tuesday. Chevron’s production in the state has dropped 15%
since the Covid-19 pandemic and now accounts for just 3% of its worldwide
output.
Despite the writedowns, Chevron said it plans to continue operating the
oil fields and related assets for years to come.
Chevron’s relationship with its home state has turned increasingly
adversarial in recent years as its Democratic officials seek to phase out
fossil fuels. California already has the toughest clean-fuel standards in
the country and is considering capping refining profits. Last year, the
state sued Chevron and other major oil companies for allegedly lying about
climate change.
Chevron has rejected California’s climate-change allegations and has
reduced refinery investments, citing a “difficult” business climate. The
company is a key supplier of jet fuel to the San Francisco and Los Angeles
airports.
Chevron also will incur fourth-quarter charges in the Gulf of Mexico
related to the costs of cleaning up decades-old installations that have
reached the end of their productive life. Although the company sold some
of those assets, under US law the previous owner is on the hook for clean-
up costs if the current owner declares bankruptcy.
It’s “probable” that a portion of environmental costs of previously sold
operations will revert to Chevron, the company said in the filing, without
naming the affected assets.
“We expect to undertake the decommissioning activities on these assets
over the next decade,” according to the filing.
Chevron rose 0.8% to $150.39 at 11:40 a.m. in New York.
https://fortune.com/2024/01/02/chevron-4-billion-writedown-california-
regulations-democratic-led-government/
due to restrictive government policies in California and environmental
liabilities in the Gulf of Mexico.
The charges “primarily” stem from California regulations that “have
resulted in lower anticipated future investment levels,” the company said
in a filing on Tuesday. Chevron’s production in the state has dropped 15%
since the Covid-19 pandemic and now accounts for just 3% of its worldwide
output.
Despite the writedowns, Chevron said it plans to continue operating the
oil fields and related assets for years to come.
Chevron’s relationship with its home state has turned increasingly
adversarial in recent years as its Democratic officials seek to phase out
fossil fuels. California already has the toughest clean-fuel standards in
the country and is considering capping refining profits. Last year, the
state sued Chevron and other major oil companies for allegedly lying about
climate change.
Chevron has rejected California’s climate-change allegations and has
reduced refinery investments, citing a “difficult” business climate. The
company is a key supplier of jet fuel to the San Francisco and Los Angeles
airports.
Chevron also will incur fourth-quarter charges in the Gulf of Mexico
related to the costs of cleaning up decades-old installations that have
reached the end of their productive life. Although the company sold some
of those assets, under US law the previous owner is on the hook for clean-
up costs if the current owner declares bankruptcy.
It’s “probable” that a portion of environmental costs of previously sold
operations will revert to Chevron, the company said in the filing, without
naming the affected assets.
“We expect to undertake the decommissioning activities on these assets
over the next decade,” according to the filing.
Chevron rose 0.8% to $150.39 at 11:40 a.m. in New York.
https://fortune.com/2024/01/02/chevron-4-billion-writedown-california-
regulations-democratic-led-government/
pothead
Jan 19, 2024, 10:37:04 AM1/19/24
to
On 2024-01-19, useapen <your...@outlook.com> wrote:
> Chevron will write down the value of $3.5 billion to $4 billion in assets
> due to restrictive government policies in California and environmental
> liabilities in the Gulf of Mexico.
>
> The charges “primarily” stem from California regulations that “have
https://www.foxnews.com/politics/biden-approval-rating-plummets-15-year-low-poll-finds
> Chevron will write down the value of $3.5 billion to $4 billion in assets
> due to restrictive government policies in California and environmental
> liabilities in the Gulf of Mexico.
>
> The charges “primarily” stem from California regulations that “have
turn harms the consumer.
--
pothead
Tommy Chong For President 2024.
Crazy Joe Biden Is A Demented Imbecile.
Impeach Joe Biden 2022.
Governor Swill
Jan 19, 2024, 10:02:05 PM1/19/24
to
On Fri, 19 Jan 2024 15:37:02 -0000 (UTC), pothead <pot...@snakebite.com> wrote:
>On 2024-01-19, useapen <your...@outlook.com> wrote:
>> Chevron will write down the value of $3.5 billion to $4 billion in assets
>> due to restrictive government policies in California and environmental
>> liabilities in the Gulf of Mexico.
>>
>> The charges ?primarily? stem from California regulations that ?have
>On 2024-01-19, useapen <your...@outlook.com> wrote:
>> Chevron will write down the value of $3.5 billion to $4 billion in assets
>> due to restrictive government policies in California and environmental
>> liabilities in the Gulf of Mexico.
>>
>https://www.foxnews.com/politics/biden-approval-rating-plummets-15-year-low-poll-finds
>> resulted in lower anticipated future investment levels,? the company said
>> in a filing on Tuesday. Chevron?s production in the state has dropped 15%
>> since the Covid-19 pandemic and now accounts for just 3% of its worldwide
>> output.
>>
>> Despite the writedowns, Chevron said it plans to continue operating the
>> oil fields and related assets for years to come.
>>
>> Chevron?s relationship with its home state has turned increasingly
>> output.
>>
>> Despite the writedowns, Chevron said it plans to continue operating the
>> oil fields and related assets for years to come.
>>
>> adversarial in recent years as its Democratic officials seek to phase out
>> fossil fuels. California already has the toughest clean-fuel standards in
>> the country and is considering capping refining profits. Last year, the
>> state sued Chevron and other major oil companies for allegedly lying about
>> climate change.
>>
>> Chevron has rejected California?s climate-change allegations and has
>> fossil fuels. California already has the toughest clean-fuel standards in
>> the country and is considering capping refining profits. Last year, the
>> state sued Chevron and other major oil companies for allegedly lying about
>> climate change.
>>
>> reduced refinery investments, citing a ?difficult? business climate. The
>> company is a key supplier of jet fuel to the San Francisco and Los Angeles
>> airports.
>>
>> Chevron also will incur fourth-quarter charges in the Gulf of Mexico
>> related to the costs of cleaning up decades-old installations that have
>> reached the end of their productive life. Although the company sold some
>> of those assets, under US law the previous owner is on the hook for clean-
>> up costs if the current owner declares bankruptcy.
>>
>> It?s ?probable? that a portion of environmental costs of previously sold
>> airports.
>>
>> Chevron also will incur fourth-quarter charges in the Gulf of Mexico
>> related to the costs of cleaning up decades-old installations that have
>> reached the end of their productive life. Although the company sold some
>> of those assets, under US law the previous owner is on the hook for clean-
>> up costs if the current owner declares bankruptcy.
>>
>> operations will revert to Chevron, the company said in the filing, without
>> naming the affected assets.
>>
>> ?We expect to undertake the decommissioning activities on these assets
>> naming the affected assets.
>>
>> over the next decade,? according to the filing.
>>
>> Chevron rose 0.8% to $150.39 at 11:40 a.m. in New York.
>>
>> https://fortune.com/2024/01/02/chevron-4-billion-writedown-california-
>> regulations-democratic-led-government/
>
>This is yet another example of how democrat policies of over regulation harms business which in
>turn harms the consumer.
Maybe Chevron can make the profits up with their Wind and Renewables Division.
>> Chevron rose 0.8% to $150.39 at 11:40 a.m. in New York.
>>
>> https://fortune.com/2024/01/02/chevron-4-billion-writedown-california-
>> regulations-democratic-led-government/
>
>This is yet another example of how democrat policies of over regulation harms business which in
>turn harms the consumer.
Swill
--
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