Chevron Corporation
Chevron Announces Significant Non-Cash Charges for Q4 2023
Summary
On January 2, 2024, Chevron Corporation announced it will impair a portion of its U.S. upstream assets due to regulatory challenges in California, leading to non-cash, after-tax charges of $3.5 billion to $4.0 billion in its Q4 2023 results. Additionally, the company will recognize a loss related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico. These actions are expected to be treated as special items and excluded from adjusted earnings.
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About Chevron Corporation
Chevron Corporation is an integrated energy company operating globally in the exploration, production, and transportation of crude oil and natural gas. Its primary function is to harness energy resources, converting them into products essential for modern life. Chevron covers upstream operations such as oil exploration and drilling, and downstream processes including refining, distribution, and marketing of refined petroleum products. Additionally, Chevron invests in renewable energy projects, aiming to create a balanced energy portfolio. As one of the major players in the oil and gas industry, Chevron significantly impacts sectors including manufacturing, transportation, and energy production. Headquartered in San Ramon, California, this multinational corporation plays a pivotal role in meeting global energy demands and contributes to shaping future energy policies.
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