Chevron Corp. expects to write down as much as US$11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices.
“The Appalachia writedown should be baked in, but the others are incrementally negative” for the stock, said Muhammed Ghulam, a Houston-based analyst at Raymond James & Associates. “I would expect most companies to have to write down gas assets this year.” The gas glut is particularly pronounced in North America where shale production is flooding local markets. Wirth said his decision to walk away from certain gas assets illustrates the company’s discipline in protecting shareholder funds.
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