Chevron expects $10 billion-$11 billion charge in fourth quarter
) on Tuesday said it expects to write down the value of its assets $10 billion to $11 billion this quarter and is considering selling some natural gas projects to prepare for long term low prices.
Chevron said it expected writedowns this quarter related to a deepwater Gulf of Mexico project, which needs higher oil prices to churn a profit, and shale gas in Appalachia, which has suffered from low natural gas prices. It is considering selling its stake in Appalachian shale and the proposed Kitmat LNG project in Canada.
Chevron’s writedown of oil assets was unexpected, said Jennifer Rowland, an analyst with Edward Jones. Chevron has been among the strongest performers among the big oil majors but reported a 36% drop in third-quarter profit, hit by lower oil and gas prices and refining margins.
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