Exxon Warns of $2.5-Bln Hit from California Exit ...Middle East

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Exxon Warns of $2.5-Bln Hit from California Exit
source : OILPRICE ( Middle East ) () 28
Exxon will need to write down its California assets by about $2.5 billion as of the fourth quarter of 2023 after it struck a deal with an energy independent to offload these. "Continuing challenges in the state regulatory environment have impeded progress in restoring operations," the company said in a filing, referring to oil production at its Santa Ynez field in California. Exxon agreed a year ago to sell the California operations to a company called Sable Offshore, which was set up in 2020. The price tag of the deal was $643 million, which…

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