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Photo: Smith Collection/Gado/Getty Images

Chevron announced a $10 billion to $11 billion write-down on several natural gas assets and one of its oil projects in the Gulf of Mexico.

Driving the news: The company said yesterday that the downward revision in its long-term price outlook means that it will "reduce funding to various gas-related opportunities."

  • The decision largely focuses on shale gas holdings in Appalachia, but also the Kitimat LNG project in Canada and other international holdings.
  • The company is exploring options including asset sales.
  • It also said its revised oil price outlook led to the impairment charge on its Big Foot project.

The intrigue: There's a couple ways of looking at this. One is that it's simply a way to be judicious with capital when there's lots of your product in a competitive market when prices are low and you think they'll stay that way.

  • In particular, there's a gas glut in North America that has made the resource very cheap.
  • CEO Mike Wirth said in a statement that "capital discipline and a conservative outlook" require "tough choices" to benefit shareholders.

But, but, but: Another view would be that it says something deeper about the industry in a world slowly transitioning to cleaner sources and, in fits and starts, getting more serious about global warming.

This Wall Street Journal piece gets to the second point. They write (emphasis added)...

  • "The sobering reappraisal by one of the world’s largest and best-performing oil companies is likely to ripple through the oil-and-gas industry, forcing others to publicly reassess the value of their holdings in the face of a global supply glut and growing investor concerns about the long-term future of fossil fuels."

Bloomberg goes there too, noting:

  • "Chevron follows Schlumberger Ltd. and Repsol SA in ascribing a lower value to their assets at a time when the growing adoption of cleaner energy stokes speculation that demand for fossil fuels may peak in a few years, while supplies keep rising."

Go deeper:

Go deeper

FTC releases findings on how Big Tech eats little tech

Photo illustration: Sarah Grillo/Axios. Photo: An Rong Xu/Washington Post via Getty Images

Federal Trade Commission chair Lina Khan signaled changes are on the way in how the agency scrutinizes acquisitions after revealing the results of a study of a decade's worth of Big Tech company deals that weren't reported to the agency.

Why it matters: Tech's business ecosystem is built on giant companies buying up small startups, but the message from the antitrust agency this week could chill mergers and acquisitions in the sector.

First look: Biden's economic case for green cards

Photo: Win McNamee/Getty Images

The White House Council of Economic Advisors (CEA) is promoting the economic benefits and costs of providing green cards to millions of unauthorized immigrants in a blogpost being released on Friday, according to a draft provided to Axios.

Why it matters: The post comes as the fate of millions of immigrants, including those with Temporary Protected Status or DACA protections, rests with Congress — and the Senate parliamentarian.

Ina Fried, author of Login
27 mins ago - Technology
Column / Signal Boost

Facebook's social balance is in the red

Illustration: Megan Robinson/Axios

Facebook is essential to our lives. Facebook is ruining our lives. Holding both these truths at once will make your head hurt.

While covering the Olympics in Tokyo, I spent a ton of time on Facebook. Each day, during several hourlong bus rides, I would see who was online in Messenger and share photos and stories there with family and friends. I also posted frequently on my news feed.

You’ve caught up. Now what?

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