Currents - Energy Industry Insights: December 2019 #3

Spilman Thomas & Battle, PLLC

Chevron to Take $10B+ Write-Down -

"More than half the write-down is related to gas drilling operations in Appalachia."

Why this is important: In recent years, the pressure to reduce carbon emissions has affected Chevron and other major oil companies' businesses, just as hydraulic fracturing and horizontal drilling boosted production and undercut prices, despite OPEC and its allies' attempts to limit output. "The huge fourth-quarter write-down — between $10 billion and $11 billion — underscores the challenge posed by rising production that has prevented energy prices from increasing sharply during a time of increasing global demand."...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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