Chevron to take up to $11 billion writedown in fourth quarter

Oil major Chevron has announced that its organic capital and exploratory spending program for 2020 will be $20 billion, the same as this year. Chevron has also decided to reduce spending on gas-related projects and expects to take up to $11 billion charge in 4Q 2019. 

Chevron said on Tuesday that the 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s Permian Basin position, the company’s major capital project at TCO in Kazakhstan, and an advantaged queue of deepwater opportunities in the Gulf of Mexico.

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