Chevron said it's considering selling its shale-gas holdings and a liquefied natural gas project.
Chevron Corp. expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices.
San Ramon, Calif.-based Chevron is the best performer among the five major Western oil companies this year, but it has faced mounting costs at its Tengiz project in Kazakhstan.“The Appalachia write-down should be baked in, but the others are incrementally negative” for the stock, said Muhammed Ghulam, an analyst at Raymond James & Associates. “I would expect most companies to have to write down gas assets this year.
The gas glut is particularly pronounced in North America, where shale production is flooding local markets. Wirth said his decision to walk away from certain gas assets illustrates Chevron’s discipline in protecting shareholder funds.“The best use of our capital is investing in our most advantaged assets,” Wirth said in the statement.
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