Chevron Corp.’s upstream oil and natural gas assets are set to take a big one-time hit in the fourth quarter results, primarily because of “continuing regulatory challenges” in California, where the integrated major is headquartered. 

The San Ramon-based producer on Tuesday detailed the upstream impairments in a Securities and Exchange Commission Form 8-K filing. 

The actions in aggregate “are currently estimated to result in noncash, after-tax charges of $3.5-4.0 billion in the company’s fourth quarter 2023 results,” executives noted in the filing.

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