By Ben Glickman

Exxon Mobil is expecting up to $2.6 billion in impairments in the fourth quarter for its upstream business, mostly related to idled assets in California.

The oil and gas giant said in a regulatory filing Thursday that it was expecting impairments of $2.4 billion to $2.6 billion in its upstream business.

Exxon said the impairments primarily reflected the idling of its Upstream Santa Ynez Unit assets and related facilities.

Exxon said "continuing challenges in the state regulatory environment have impeded progress in restoring operations."

The company also expects a negative effect on upstream earnings from change in liquids prices of $400 million to $800 million.

Changes in gas prices are expected to benefit upstream earnings by $400 million to $800 million.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 04, 2024 17:15 ET (22:15 GMT)

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