A long, steady increase in U.S. gas production much of it a byproduct of the shale oil boom has pushed prices for the fuel toward a 25-year low. In response, BP Plc, Repsol SA and Equinor ASA have already written off more than $11 billion in total from the value of North American shale assets just this year. And earlier this week Chevron announced the largest write-down so far on a large amount of their shale gas assets.
Chevron expects $10 billion to $11 billion charge in the fourth quarter; plans asset sales
UPDATE 1-Chevron charge points to billions more in U.S. gas write-downs - analysts
Chevron, Facing Fossil Fuels Glut, Takes $10 Billion Charge
What is a write-down? Investopedia definition:
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