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Chevron slashes asset value by US$10b to US$11b on low oil, gas prices

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Chevron announced on Tuesday it will slash the value of its assets by US$10 billion to US$11 billion due to weaker oil and natural gas prices that prompted the company to consider abandoning some projects.

[NEW YORK] Chevron announced on Tuesday it will slash the value of its assets by US$10 billion to US$11 billion due to weaker oil and natural gas prices that prompted the company to consider abandoning some projects.

The move hit a number of areas, including gas-related projects in the Appalachian region in the United States and a Canadian liquefied natural gas project, and another in the Gulf of Mexico.

The company also said it is weighing "strategic alternatives" for the assets, including divestment of some.

AFP

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