Item 2.06 Material Impairments On December 4, 2019, the Board of Directors of Chevron Corporation ("Chevron") completed its annual review and approval of Chevron's business plan and capital expenditure program. As a result of Chevron's disciplined approach to capital allocation and a downward revision in its longer-term commodity price outlook, Chevron will reduce funding to various natural gas-related upstream opportunities including Appalachia shale, Kitimat LNG, and other international projects. Chevron is evaluating its strategic alternatives for these assets, including divestment. In addition, the revised oil price outlook resulted in an impairment at Big Foot. Combined, these actions are estimated to result in non-cash, after tax impairment charges of $10 billion to $11 billion in its fourth quarter 2019 results, more than half related to the Appalachia shale. Chevron does not expect these impairments to result in any material future cash expenditures.

Item 7.01 Regulation FD Disclosure On December 10, 2019, Chevron issued a press release announcing Chevron's capital and exploratory budget for 2020 and impairment charges that will be reflected in its fourth quarter 2019 results. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits
(d) Exhibits



Exhibit Number Description

99.1 Press release issued by Chevron Corporation on December 10, 2019

104 Cover Page Interactive Data File, formatted in Inline XBRL

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