(Bloomberg) -- Exxon Mobil Corp. warned investors of a $2.5 billion write down of the value of some California operations.
The impairment to be recorded in fourth-quarter earnings is “primarily” related to its Santa Ynez operations off the coast of Santa Barbara, Exxon said in a filing Thursday. The announcement comes days after Chevron Corp. said it will incur a large writedown due largely to California energy policies.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Exxon temporarily suspended production at its Santa Ynez oil field after a 2015 pipeline leak before resuming crude shipments via trucks. Regulators later stepped in and restricted Exxon's ability to move oil by road, citing risks to other drivers and the environment.
“While the Corporation is progressing efforts to enable a restart of production, continuing challenges in the state regulatory environment have impeded progress in restoring operations,” Exxon said in the filing.
Excluding the writedown, Exxon said fourth-quarter earnings were similar to the previous three-month period. Lower oil prices inflicted a $600 million hit on earnings but that was at least partially offset by a rise in natural gas markets. Meanwhile, a $1.6 billion drop in refining earnings was partly mitigated by a gain in unsettled derivatives of about $1.2 billion.
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.