Wirth

Record production from the Permian Basin and a bevy of oil and natural gas projects worldwide was not enough to stanch the decline in commodity prices during the final quarter, as Chevron Corp. recorded a $10.4 billion impairment for assets that included the Appalachia portfolio, a natural gas export facility planned for British Columbia and a deepwater Gulf of Mexico project.

Record production from the Permian Basin and a bevy of oil and natural gas projects worldwide was not enough to stanch the decline in commodity prices during the final quarter, as Chevron Corp. recorded a $10.4 billion impairment for assets that included the Appalachia portfolio, a natural gas export facility planned for British Columbia and a deepwater Gulf of Mexico project.

Drilling some Permian Basin wells from the confines of air-conditioned control rooms in Houston nearly 500 miles away is becoming a reality for Chevron Corp. as it integrates cloud computing into its operations.

As anticipated, Chevron Corp. Chairman and CEO John S. Watson confirmed Thursday he would retire, effective Feb. 1 and be succeeded by Vice Chairman Michael K. Wirth, who now oversees midstream and development activity.