Chevron, Facing Fossil Fuels Glut, Takes $10 Billion Charge

Chevron cuts the value of its holdings, including shale, by more than $10 billion in the largest energy industry write-down in years

Chevron Corp. is writing down the value of its assets by more than $10 billion, a concession that in an age of oil and gas overabundance, some will not be profitable anytime soon.

In the largest write-down by an energy producer in years, Chevron said Tuesday that it was cutting the value of a number of properties, notably its U.S. shale holdings in Appalachia, by a combined $10 billion to $11 billion. Chevron is also restructuring its operations to focus on fewer prospects in the face of persistently low natural gas prices,...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

WSJ /  🏆 98. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian Americans facing high risk of displacement mobilize to fight backData referenced by the National Coalition for Asian Pacific American Community Development shows 73% of poor Asian American and Pacific Islanders live in the most expensive housing markets, and low-income members face a high risk of economic displacement.
Read more »

TikTok chief, facing criticism over China ties, cancels meetings with US lawmakersTikTok said its chief Alex Zhu will postpone the meetings until after the holidays.
Read more »

Taylor Swift Plans to Re-Record Her Hits. Here's What She Might Be FacingSqueeze’s lead singer, Mötley Crüe’s manager and the CEO of one of the biggest independent publishers in the world weigh in on what might be in store for the superstar
Read more »

Amazon lost $10B Pentagon contract because of Trump's 'personal vendetta,' lawsuit arguesAmazon is accusing Pres. Trump after the company was passed over for a $10 billion contract.
Read more »

Amazon blames Donald Trump's personal vendetta against Jeff Bezos as reason for losing Pentagon's $10 billion JEDI contractAmazon recently lost out to Microsoft on a $10 billion contract to help the Department of Defense move its sensitive data to the cloud.
Read more »

Amazon needs to stay ahead of competition from Microsoft, analysts say - Business InsiderAmazon Web Services says it cares about customers more than competition, but experts say Microsoft's 'aggressive front' is forcing it to react
Read more »