An interesting publicly available report to read, the Carbon Tracker analysis also uncovered something telling about whether FGP, Gorgon and Wheatstone will actually generate earnings.
https://www.carbontracker.org/chevron-takes-tentative-steps/
https://www.chevron.com/-/media/shared-media/documents/climate-change-resilience.pdf
"Chevron does provide some detail on certain major assets, but does not make an overall quantitative assessment. For example, Chevron notes that its Kazakhstan Future Growth Project and the Australian Gorgon and Wheatstone LNG projects will “generate cash”. In contrast, the base business in Kazakhstan, deepwater assets in the Gulf of Mexico and Nigeria, and heavy oil in California will “generate cash and earnings”
It should not be a surprise that any project would generate cash once it has been built, even in a challenging price environment. If the majority of capital investment has already been sunk, it will continue to produce while it can cover its variable costs, which are likely to be relatively low. However, the real test is whether such a project will ultimately deliver adequate financial returns on the original investment.
We therefore read this as tacit admission that the first three projects don’t create value in a low-demand world – i.e. that they would be stranded."