By Will Feuer

Chevron said it will book $3.5 billion to $4 billion in charges for the fourth quarter, citing challenges tied to regulations in California and previously sold oil and gas production assets in the Gulf of Mexico.

Chevron said it will impair a portion of its U.S. upstream assets, mostly in California, due to regulatory challenges in the state that have led to "lower anticipated future investment levels in its business plans." Chevron said it will continue to operate the affected assets for many years.

The company also said companies that agreed to buy Chevron's oil and gas production assets in the U.S. Gulf of Mexico have since filed for Chapter 11 bankruptcy protections. Chevron said the obligations for the assets could revert back to the company, and that it will decommission the assets over the next decade.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 02, 2024 08:40 ET (13:40 GMT)

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