2024-01-02 19:59:22
The American oil group Chevron announced on Tuesday that its results for the fourth quarter of 2023 would be affected by an accounting charge which should be between 3.5 and 4 billion dollars.
This charge is linked, in part, to American assets, located mainly in California, where the group is faced with “continuing regulatory challenges” and which have resulted in “lower levels of investment for the future” than what was planned in his business plan.
“The company expects to continue to operate the assets concerned for many years to come,” he said in a statement published on the website of the American Securities and Exchange Commission (SEC).
On the other hand, Chevron will suffer a loss related to the shutdown and dismantling of oil and gas production assets in the Gulf of Mexico because the companies that purchased them have since declared bankruptcy ( Chapter 11), the group explained.
“We now believe that it is probable and possible that part of these obligations will be borne by the group,” he continued.
The total amount of the after-tax accounting charge attributable to the fourth quarter is still being finalized but Chevron estimates it to be between $3.5 billion and $4 billion.
It should be considered as an exceptional element and therefore not affect its results on a comparable basis, which serve as a reference for the markets.
“Although the depreciations and losses represent exceptional items, they will have a substantial negative impact on the final figures for the quarter,” he noted.
The group’s results continued to decline in the third quarter, still weighed down by the decline in hydrocarbon prices year-on-year, as well as by a drop in margins for refining products.
Around 7:45 p.m. GMT, Chevron shares nevertheless rose 0.68% on the New York Stock Exchange.
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