Exxon Mobil Expects Up To $2.6 Billion in 4Q Upstream Impairments
January 04 2024 - 4:30PM
Dow Jones News
By Ben Glickman
Exxon Mobil is expecting up to $2.6 billion in impairments in
the fourth quarter for its upstream business, mostly related to
idled assets in California.
The oil and gas giant said in a regulatory filing Thursday that
it was expecting impairments of $2.4 billion to $2.6 billion in its
upstream business.
Exxon said the impairments primarily reflected the idling of its
Upstream Santa Ynez Unit assets and related facilities.
Exxon said "continuing challenges in the state regulatory
environment have impeded progress in restoring operations."
The company also expects a negative effect on upstream earnings
from change in liquids prices of $400 million to $800 million.
Changes in gas prices are expected to benefit upstream earnings
by $400 million to $800 million.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 04, 2024 17:15 ET (22:15 GMT)
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