Chevron expects $10 billion-$11 billion charge in fourth quarter


The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018.

Marco Bello | Reuters

U.S. oil major Chevron on Tuesday said it expects to write down the value of its assets $10 billion to $11 billion this quarter and is considering selling some natural gas projects to prepare for long-term low prices.

The second-largest U.S. oil company, which plans to hold its 2020 spending program flat at $20 billion, said it may sell shale gas properties and its stake in a Canadian liquefied natural gas project. San Ramon, California-based Chevron and other energy companies have pledged to restrain spending after the collapse in oil prices earlier this decade forced many to…

Source cnbc.com

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