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Chevron Faces $4B Writedown Woes in Q4
Barrel Hub
January 02, 2024
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Daily Bulletin
Futures Curve
Lone Star Stories
In 2023, the Permian Basin, a key U.S. oil producer, saw record-high output and major deals, like ExxonMobil's $60 billion acquisition of Pioneer Natural Resources. However, recent acquisitions, notably Occidental Petroleum's $12 billion purchase of CrownRock, suggest rising costs may be signaling a peak in Permian deal-making.
Chevron expects non-cash charges of $3.5-4 billion in Q4 2023, citing issues in California and securing previously sold Gulf of Mexico assets. Regulatory challenges in California and obligations from offshore properties contribute to impairments, impacting Chevron's Q4 earnings.
Reader Question of the Day
How is the industry addressing the challenge of methane emissions from oil and gas operations?
The oil and gas industry is actively addressing methane emissions, employing advanced monitoring technologies like infrared cameras and drones to swiftly detect and repair leaks. This high-tech approach minimizes the environmental impact of methane emissions by identifying and fixing leaks promptly.
Additionally, there's a focus on upgrading operational practices and equipment, enhancing the overall sustainability of oil and gas operations. Embracing newer, more efficient technologies not only minimizes methane emissions but also contributes to a cleaner and greener energy landscape, showcasing the industry's commitment to environmental responsibility.
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