Exxon Cites State Regulatory Environment in $2.5 Billion California Asset Impairment

ExxonMobil announced that it will record an impairment charge of $2.4 billion to $2.6 billion in its fourth-quarter earnings primarily from its Santa Ynez facilities on the coast of California. The company stated that “[c]ontinuing challenges in the state regulatory environment have impeded progress in restoring operations” at the facilities.

Exxon wrote…