Chevron Reduces Asset Values by Billions of Dollars Due to California’s Oil Regulations

Storage tanks at the Chevron Products Company El Segundo Refinery adjacent to a neighborhood of homes at sunset in Manhattan Beach, Calif., on Jan. 24, 2022. Patrick T. Fallon/AFP via Getty Images

In filings submitted Jan. 2 to the Security and Exchange Commission, Chevron announced it’s reducing the value of its assets by $3.5 billion to $4 billion—blaming California’s regulatory policies and old investments in the Gulf of Mexico for the substantial change.

Headquartered in San Ramon, east of San Francisco, the oil giant has been based in California for more than 140 years.