Chevron announces Q4 2023 non-cash charges of $3.5-$4.0B from impairment and abandonment obligations

CHEVRON CORP

Non-cash after-tax charges estimated at $3.5B to $4.0B in Q4 2023, treated as special items.
Impairment of U.S. upstream assets, primarily in California, due to ongoing regulatory challenges.
Loss from abandonment obligations for previously sold Gulf of Mexico assets after buyers filed Chapter 11.
Chevron expects to continue operating California assets for many years; decommissioning Gulf assets over next decade.

item 2.02

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CHEVRON CORP reported preliminary financial results for fourth quarter 2023.

Period: fourth quarter 2023
Result: preliminary results

Exact text from the filing

On January 2, 2024, Chevron Corporation announced that for fourth quarter 2023, the Company will be impairing a portion of its U.S. upstream assets, primarily in California, due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans.

View on SEC.gov

18 earnings releases filed in the last 30 days. Browse all earnings releases →

CHEVRON CORP filing history →

Source: SEC EDGAR

accession 0000093410-24-000002

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.