Chevron on Tuesday said it would book a $10 billion writedown of gas assets. But what lies ahead will make its writedown look like peanuts, argues AntonyMCurrie:
Chevron on Dec. 10 said it would book a writedown of $10 billion to $11 billion in the fourth quarter of 2019 after reevaluating and reducing funding to gas projects. It is also considering selling the assets. More than half the hit is related to its shale-gas operations in Appalachia.
The U.S. energy company plans to concentrate its capital on shorter-term, lower-risk, higher-return assets including its operations in the Permian Basin, Kazakhstan and the Gulf of Mexico. Chevron is also keeping its capital and exploratory budget for 2020 at $20 billion, the third year in a row without an increase.
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