Chevron's huge fourth quarter write down 

CHEVRON Corporation has announced a US$10 billion to $11 billion write down for the fourth quarter of the year thanks to a fall in the oil and gas price, and expectations of lower for longer pricing. 

Chevron's huge fourth quarter write down  Chevron's huge fourth quarter write down  Chevron's huge fourth quarter write down  Chevron's huge fourth quarter write down  Chevron's huge fourth quarter write down 

"Capital discipline and a conservative outlook": CEO Mike Wirth

Lower refining margins at its downstream end are another factor. 
 
This represents one of the largest corporate impairments in years.