Chevron Corp.’s move this week to write down up to $11 billion in assets for the fourth quarter could be what other oil and gas companies will do as prices slump.
Chevron confirmed this week in a statement that it is considering the sale of some of its shale-gas holdings. The company plans to bail out of its stake in the Kitimat liquefied natural gas project in Canada.
Chevron is also sticking to its 2020 capital budget of $20 billion, which makes the third consecutive year the company has not increased spending, according to Bloomberg.
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