Another Oil Giant Decreases Assets by $2.6 Billion, Blames California’s Regulations

The news comes two days after Chevron devalued itself by between $3.5 billion and $4 billion in its securities filing.

Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken on Sept. 4, 2022. Dado Ruvic/Illustration/Reuters

ExxonMobil is writing down values of some operations based in California by about $2.6 billion because of a challenging regulatory environment, according to a Securities and Exchange Commission filing made by the company Jan. 4.

The company’s oil drilling platforms offshore near the coastal community of Santa Barbara, north of Los Angeles, were shut down in 2015 after an oil pipeline, owned by a separate company, ruptured.