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Environmental Liabilities

All articles tagged with #environmental liabilities

business-and-finance2 years ago•1 min saved

"Chevron Projects Up to $4 Billion Impact from California Regulations and Gulf Asset Shift"

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.

via Yahoo Finance|

#asset-writedown #business-and-finance #california-policies

environment2 years ago•6 min saved

The Costly Challenge of California's Shift to Clean Energy.

A new report by Carbon Tracker Initiative estimates that it will cost at least $13.2 billion to clean up California's onshore oil and gas wells, dismantle surface infrastructure, and decontaminate polluted drill sites. Adding in factors like inflation rates and the price of decommissioning miles of pipeline could bring the total cleanup bill to $21.5 billion, which vastly exceeds all the industry's future profits in the state. Taxpayers will likely have to cover much of the difference to ensure wells are plugged and not left to leak brine, toxic chemicals, and climate-warming methane.

via ProPublica|

#california #cleanup-costs #environment