Oil and gas major Chevron said on Tuesday that it would take non-cash, after tax charges of US$3.5–4bn for the fourth quarter of 2023 as it contends with depleted production from its US upstream assets, particularly in California.
According to Reuters, the US-based company said in a securities filing that it anticipates lower future investments levels in its business plans due to continuing regulatory challenges but expects to continue operating the impacted assets for “years to come”.
Chevron is in the midst of buying fellow American Oil company, Hess’ share in the Stabroek Block offshore of Guyana.