<ul id="q6cau"><sup id="q6cau"></sup></ul>
<ul id="q6cau"></ul>
<abbr id="q6cau"></abbr>
<strike id="q6cau"><menu id="q6cau"></menu></strike>
  • <ul id="q6cau"></ul>
  • The Annual Explosion Proof Electric Technology & Equipment Event
    logo

    The 25thChina International Explosion Protection and Electric Technology & Equipment Exhibition

    ufi

    BEIJING,CHINA

    March 26-28,2025

    LOCATION :Home> News > Industry News

    Chevron to take $11 billion writedown amid weak gas prices

    Pubdate:2019-12-12 11:19 Source:liyanping Click:

    HOUSTON (Bloomberg) - Chevron expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices.

    The U.S. oil major is considering the sale of its shale-gas holdings, along with its Kitimat liquefied natural gas project in Canada, according to a statement Tuesday. Chevron said it will keep its 2020 capital budget at $20 billion, the third consecutive year it hasn’t boosted spending.

    The company’s actions come from a chief executive officer, Mike Wirth, whose mantra has been capital discipline. Wirth earlier this year earned $1 billion for the company by walking away from a bidding war for Anadarko Petroleum Corp. San Ramon, California-based Chevron is the best performer among the five Western oil majors this year, but it has faced mounting costs at its Tengiz project in Kazakhstan.

    “The Appalachia writedown should be baked in, but the others are incrementally negative” for the stock, said Muhammed Ghulam, a Houston-based analyst at Raymond James & Associates. “I would expect most companies to have to write down gas assets this year.”

    Chevron follows Schlumberger Ltd. and Repsol SA in ascribing a lower value to their assets at a time when the growing adoption of cleaner energy stokes speculation that demand for fossil fuels may peak in a few years, while supplies keep rising. The oil-services giant posted a $12.7 billion writedown in October, while the Spanish producer took $5.3 billion off its balance sheet last week.

    Belt Tightening. Chevron’s shares dropped 0.5% to $117.27 at 6:45 p.m. in after-market trading in New York. They are up about 8% for the year.

    The gas glut is particularly pronounced in North America where shale production is flooding local markets. Wirth said his decision to walk away from certain gas assets illustrates the company’s discipline in protecting shareholder funds.

    “The best use of our capital is investing in our most advantaged assets,” Wirth said in the statement. “With capital discipline and a conservative outlook comes the responsibility to make the tough choices necessary to deliver higher cash returns to our shareholders over the long term.”

    Chevron's Discipline Pays. Wirth has made crude production from the Permian Basin a centerpiece of his global strategy, with a budget of $4 billion for the shale play next year. The giant Tengiz joint venture in the Caspian Sea, whose total cost has surged to about $45 billion, will receive $3.75 billion from Chevron in 2020.

    U.S. natural gas futures prices have slumped this year amid a supply glut, and are now averaging about $2.54 per million British thermal units. If it finishes the year at that level, it’ll be the lowest average price since 1999.

    The move to write down Appalachian gas is likely to put pressure on other producers in the region to do the same. Newly built gas export terminals along the U.S. Gulf Coast have so far failed to absorb the excess supply.

    Chevron held more than 750,000 net acres in the Marcellus and Utica shale formations, which stretch from West Virginia to Pennsylvania and Ohio, according to a 2017 fact sheet on its website. The writedown also encompasses the Big Foot oil platform in the U.S. Gulf of Mexico, which began producing last year.

    成人无号精品一区二区三区| 日韩中文无码有码免费视频| 久久亚洲精品成人| 四虎影视永久在线精品| 久久精品国产网红主播| 国产色精品vr一区区三区| 精品国产精品久久一区免费式| 久久亚洲AV无码精品色午夜麻豆 | 熟女精品视频一区二区三区| 日韩一级视频免费观看| 人妻熟妇乱又伦精品HD| 亚洲处破女AV日韩精品| 国产三级精品三级在线观看专1| 中文字幕av日韩精品一区二区| 在线观看91精品国产不卡免费| 精品无码一区二区三区电影| 久久亚洲精品成人av无码网站| 国产在线国偷精品免费看| 亚洲一区二区三区国产精品| 久久精品日韩一区国产二区| 国产乱色精品成人免费视频 | 国产精品视频无圣光一区| 国产成人午夜精品免费视频| 亚洲av永久无码精品三区在线4| 四虎成人精品无码| 久久国产精品一区免费下载| 亚洲国产精品尤物yw在线| 日韩精品一区二区三区国语自制 | 老司机精品视频在线| 午夜精品久久影院蜜桃| 日韩精品人成在线播放| 成人精品一区二区三区校园激情| 日韩精品一线二线三线优势| 久久精品青青草原伊人| 91精品免费观看| 久久99精品久久久久婷婷| 久久国产精品萌白酱免费| 久久久久国产精品三级网| 亚洲精品国产va在线观看蜜芽| 日韩特黄特色大片免费视频| 强制高潮18XXXXHD日韩|