Chevron: Entering 2024 on a Cautious Note

On Jan. 2, Chevron Corp. (CVX, Financial) filed an 8K report with the SEC stating that it will record a non-cash impairment of between $3.5 billion and $4 billion for some of its U.S. upstream assets during the fourth quarter of 2023. However, despite this large impairment charge, the company plans to continue operating its California assets for the foreseeable future. The reasons given by the company to justify the impairment charge were "due to continuing regulatory challenges in the state that have resul ...