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   From: yourdime@outlook.com   
      
   Chevron will write down the value of $3.5 billion to $4 billion in assets   
   due to restrictive government policies in California and environmental   
   liabilities in the Gulf of Mexico.   
      
   The charges “primarily” stem from California regulations that “have   
   resulted in lower anticipated future investment levels,” the company said   
   in a filing on Tuesday. Chevron’s production in the state has dropped 15%   
   since the Covid-19 pandemic and now accounts for just 3% of its worldwide   
   output.   
      
   Despite the writedowns, Chevron said it plans to continue operating the   
   oil fields and related assets for years to come.   
      
   Chevron’s relationship with its home state has turned increasingly   
   adversarial in recent years as its Democratic officials seek to phase out   
   fossil fuels. California already has the toughest clean-fuel standards in   
   the country and is considering capping refining profits. Last year, the   
   state sued Chevron and other major oil companies for allegedly lying about   
   climate change.   
      
   Chevron has rejected California’s climate-change allegations and has   
   reduced refinery investments, citing a “difficult” business climate. The   
   company is a key supplier of jet fuel to the San Francisco and Los Angeles   
   airports.   
      
   Chevron also will incur fourth-quarter charges in the Gulf of Mexico   
   related to the costs of cleaning up decades-old installations that have   
   reached the end of their productive life. Although the company sold some   
   of those assets, under US law the previous owner is on the hook for clean-   
   up costs if the current owner declares bankruptcy.   
      
   It’s “probable” that a portion of environmental costs of previously sold   
   operations will revert to Chevron, the company said in the filing, without   
   naming the affected assets.   
      
   “We expect to undertake the decommissioning activities on these assets   
   over the next decade,” according to the filing.   
      
   Chevron rose 0.8% to $150.39 at 11:40 a.m. in New York.   
      
   https://fortune.com/2024/01/02/chevron-4-billion-writedown-california-   
   regulations-democratic-led-government/   
      
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