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Chevron Eyes $10.5B Impairment Charge as it Mulls Fate of Gassier Assets
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Chevron Corp. annouced its 2020 capital budget and it plans on spending $20 billion in 2020. Click here for more details about the budget.
Company Expecting $10B+ Impairment ChargeHowever, what caught our attention is the fact the the company will be putting up its Marcellus/Utica gas asset up for sale and write down more than $10 billion relating to its Marcellus asset and the Kitimat LNG project in Canada. The company also took an impairment on Big Foot, an offshore oil project in the Gulf of Mexico.
More than half of the charges are expected to stem from its Appalachian assets.
These write down will take effect in 4Q 2019.
Preps to Sell Gassier AssetsChevron noted that it is evaluating its strategic alternatives for its gas assets, which could include a potential sale.
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