Liquified natural gas (LNG)

The message behind Chevron's $10 billion write-down

A sign at the entrance to Chevron's global headquarters in San Ramon, California
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."

Federal regulators approve new liquified natural gas projects in Texas

Liquified Natural Gas (LNG) refueling station at Big Blue Bus Terminal. Santa Monica, Los Angeles, California,
Liquified Natural Gas refueling station at Big Blue Bus Terminal. Photo: Citizen of the Planet/Education Images/Universal Images Group via Getty Images

The Federal Energy Regulatory Commission Thursday approved three liquefied natural gas export projects in Texas and also green-lit the expansion of a fourth existing operation.

Why it matters: The sign-offs are the latest step in the continuing expansion of U.S. export projects that are tapping into huge domestic supplies and backed by successive administrations.