Exxon Mobil Anticipates $2.5 Billion Writedown Following California Energy Exit

Exxon Mobil is set to incur a $2.5 billion impairment charge due to the sale of its California assets to Sable Offshore, amidst challenging state regulatory conditions that have affected oil production operations. This follows a similar announcement by Chevron, which is also facing writedowns due to California's stringent energy regulations, including a new margin penalty law against price gouging by oil companies. Both companies highlight the negative impact of such regulations on the industry's investment and production in the state.