S&P 500
7,633.20
+0.31%
Dow Jones
53,893.00
+1.14%
Nasdaq 100
29,106.20
+0.99%
Russell 2000
2,995.41
+0.37%
FTSE 100
10,904.40
+0.20%
Nikkei 225
64,309.90
+1.28%

Investing

Chevron to Continue Fight Against Ecuador Court (CVX)

Photo of Paul Ausick
By Paul Ausick Published

In a court battle that has been going on for nearly 20 years, an Ecuadorian court has ruled that Chevron Corp. (NYSE: CVX) must pay nearly $18 billion in actual and punitive damages related to operations of Texaco prior to Chevron’s merger with Texaco in 2001. Chevron currently has no assets in Ecuador.

The company issued a statement last night claiming that “Chevron does not believe that the Ecuador ruling is enforceable in any court that observes the rule of law.” The company has filed for arbitration with the international tribunal in The Hague and is also involved in an action in US District Court claiming that the Ecuadorian judgment is the result of corruption and fraud.

Contact [email protected] for any questions or corrections.

Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Douglas A. McIntyre |

Chevron: Claim for Environmental Damages in Ecuador Rises to $27 Billion (CVX)

When Chevron (NYSE:CVX) swallowed Texaco a few years back, one of the morsels it ingested was a claim for environmental…

Paul Ausick |

Chevron Loses Supreme Court Appeal of $18.2 Billion Ecuadoran Judgment

courtesy of Chevron Corp.The U.S. Supreme Court today denied an appeal from Chevron Corp. (NYSE: CVX) to block an $18.2…

Paul Ausick |

Chevron Seeks Investigation of NY Official in $18 Billion Ecuadoran Case

courtesy of Chevron Corp.Chevron Corp. (NYSE: CVX) has filed a complaint with the state of New York seeking an investigation…

Douglas A. McIntyre |

Ecuador Threatens Expropriation of Private Oil Operations

Ecuador is a relatively unknown member of OPEC, due mostly to its up and down relationship with the cartel. Ecuador…

Paul Ausick |

Chevron Backs Up Charges in $18 Billion Ecuadorian Judgment

courtesy of Chevron Corp.In documents filed with the federal district court in Manhattan this morning, Chevron Corp. (NYSE: CVX) for…

Douglas A. McIntyre |

The 24/7 Wall St./Flame Index: The Press Turns Against Chevron

Negative press about Chevron (NYSE: CVX) has reached a boiling point after news that the oil company had been hit…

Douglas A. McIntyre |

Chevron’s Reputation as a Major Polluter Grows

Chevron Corp.’s (NYSE: CVX) reputation as a major polluter recently has grown rapidly, and the cause is not just fines…

Sunset on $2,000 a Month: Why Retirees Are Choosing Ecuador at 60
Drew Wood |

Sunset on $2,000 a Month: Why Retirees Are Choosing Ecuador at 60

A $2,000-a-month retirement in Ecuador is not a fantasy, but it is not a blank check either. It works best…

Under the Radar: The Supreme Court Decision Brett Kavanaugh Is Most Likely to Overrule
Paul Ausick |

Under the Radar: The Supreme Court Decision Brett Kavanaugh Is Most Likely to Overrule

William Galston of the Brookings Institution argues that if Brett Kavanaugh is confirmed as an associate justice of the U.S.…

Top Gaining Stocks

Airbnb
ABNB • Vol: 15,913,532
Microchip Technology
MCHP • Vol: 19,139,274
Palantir
PLTR • Vol: 77,244,625
Moderna
MRNA • Vol: 6,820,582
Axon Enterprise
AXON • Vol: 1,591,869

Top Losing Stocks

Trade Desk
TTD • Vol: 133,458,224
Coterra Energy
CTRA • Vol: 73,319,495
Akamai
AKAM • Vol: 8,143,961
Zoetis
ZTS • Vol: 12,784,553
ResMed
RMD • Vol: 3,810,438