Exxon Mobil Anticipates $2.5 Billion Writedown Following California Energy Exit
TL;DR
Exxon Mobil is set to incur a $2.5 billion impairment charge due to the sale of its California assets to Sable Offshore, amidst challenging state regulatory conditions that have affected oil production operations. This follows a similar announcement by Chevron, which is also facing writedowns due to California's stringent energy regulations, including a new margin penalty law against price gouging by oil companies. Both companies highlight the negative impact of such regulations on the industry's investment and production in the state.
Topics:businessbusiness-and-finance##assetwritedown#business-and-finance#california#energyregulations#exxon#oilindustry
- Exxon Warns of $2.5-Bln Hit from California Exit OilPrice.com
- Exxon Mobil Expects Up to $2.6 Billion in Upstream Impairments The Wall Street Journal
- Exxon Mobil to Take $2.5 Billion Writedown on California Assets Yahoo Finance
- Exxon Follows Chevron to Take $2.6 Billion Write-Down on California Energy Assets Barron's
- Exxon sees ~$2.5B writedown on California assets amid weaker Q4 earnings (NYSE:XOM) Seeking Alpha
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