earnings improvement over a 19-year contract. The Accounting Hit Looks Ugly but Is Largely Non-Cash. Chevron expects to book a one-time after-tax loss of $3 b

earnings improvement over a 19-year contract. The Accounting Hit Looks Ugly but Is Largely Non-Cash. Chevron expects to book a one-time after-tax loss of $3 billion to $4 billion because accounting rules don't allow it to recognize the value of future midstream cost savings as an asset. The deal…