All articles tagged with #california policies
Chevron has indicated that stringent policies in California are negatively affecting its earnings and could potentially deter future investment in the state. The company suggests that the regulatory environment is creating challenges for its operations, which may have broader implications for the oil and gas industry within California.
Chevron Corp. is set to take a $3.5 to $4 billion writedown on assets, largely due to California's restrictive policies on fossil fuels and environmental liabilities in the Gulf of Mexico. The company's production in California has decreased and now represents a minor portion of its global output. Despite the writedowns, Chevron plans to continue operating in California, although it faces adversarial conditions and has reduced refinery investments. Additionally, Chevron anticipates charges for decommissioning costs in the Gulf of Mexico for old installations, some of which were sold but may still incur cleanup costs due to U.S. laws.