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California And Big Oil Are Splitting After Century-Long Affair
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. From a report: California's oil output a century ago amounted to it being the fourth-largest crude producer in the U.S., and spawned hundreds of o...
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. The two largest U.S. oil producers, Exxon Mobil and Chevron will formally disclose a combined $5 billion writedown of California assets when they report fourth-quarter results. "They are definitely getting a divorce," said Jamie Court, president of advocacy group Consumer Watchdog, which said the companies long ago stopped investing in California production, and now want to hive off their old wells there.
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