Experts Warn Chevron's $11 Billion Write-Down Portends 'Greater Troubles to Come' for Fossil Fuel Industry

"Two words: stranded assets."

That was the reaction Wednesday from sustainability professional Jessica Davis after oil giant Chevron announced that it was writing down at least $10 billion and as much as $11 billion in assets.

Reuters reported:

Chevron said it expected write-downs this quarter related to a deepwater Gulf of Mexico project, which needs higher oil prices to churn a profit, and shale gas in Appalachia, which has suffered from low natural gas prices. It is considering selling its stake in Appalachian shale and the proposed Kitmat LNG project in Canada.

"Oil companies have struggled to reap the profits of old and are falling out of favor with investors amid fears that electric vehicles and renewable energy, along with government regulations to address a warming planet, will constrain their futures," the Wall Street Journal added. Read Full Article - Common Dreams, December 11, 2019