Chevron to take up to $4 billion impairment hit in Q4

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(Reuters) – Chevron (NYSE:CVX) said on Tuesday it would record an impairment to a portion of its U.S. upstream assets, primarily in California, as continuing regulatory challenges in the state have resulted in lower anticipated future investment levels in its business plans.

The company said it expects to take non-cash, after-tax charges of $3.5 billion-$4 billion in the results of fourth quarter 2023.