Chevron Cites “Regulatory Challenges” in California Asset Impairment

Chevron announced January 2, 2024 that it will record an impairment charge for a portion of its U.S. upstream assets, primarily in California, due to “continuing regulatory challenges” in the state. Chevron will also recognize a loss “related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gu…