Oil Giant’s Massive Impairment Could Be The Latest Sign Of Trouble For California’s Economy, Experts Say

by NICK POPE at dailycaller.com

Chevron announced Tuesday that it could face billions of dollars in impairments due in part to California’s regulatory environment, a development which some energy policy experts told the Daily Caller News Foundation could spell trouble for the energy industry’s prospects in the state.

Chevron said that it anticipates taking asset value reduction charges of up to $4 billion for the fourth quarter of 2023, an impairment that is partially related to oil and gas production in the U.S., especially in California, a state with a burdensome environmental regulatory structure that the company has highlighted in the past, according to a regulatory filing. The impairment charges are a troubling sign for California’s energy industry, as more companies could follow suit in a trend that would potentially imperil tens of thousands of jobs in the state, energy policy experts told the DCNF.