Exxon Mobil to Take $2.5 Billion Writedown on California Assets

Exxon Mobil Corp. warned investors of a $2.5 billion write down of the value of some California operations.

The impairment to be recorded in fourth-quarter earnings is “primarily” related to its Santa Ynez operations off the coast of Santa Barbara, Exxon said in a filing Thursday. The announcement comes days after Chevron Corp. said it will incur a large writedowndue largely to California energy policies.

Exxon temporarily suspended production at its Santa Ynez oil field after a 2015 pipeline leak before resuming crude shipments via trucks. Regulators later stepped in and restricted Exxon’s ability to move oil by ...