Chevron Says For Q4 2023, Company Will Be Impairing A Portion Of US Upstream Assets, Primarily In CA; Expects To Continue Operating Impacted Assets For Many Years To Come
Portfolio Pulse from Benzinga Newsdesk
Chevron announced that for Q4 2023, it will be impairing a portion of its US upstream assets, mainly in California. Despite the impairment, the company expects to continue operating the affected assets for many years.
January 02, 2024 | 1:06 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Chevron will record an impairment on some of its US upstream assets in Q4 2023, which could negatively affect its financial results for the quarter.
Asset impairments typically lead to a one-time charge against earnings, which can negatively impact a company's financial performance in the short term. Investors may react to this news by adjusting their expectations for Chevron's Q4 2023 results, potentially leading to a decrease in stock price. However, the company's commitment to continue operating these assets suggests that the long-term operational impact may be limited.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100