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Chevron to Continue Fight Against Ecuador Court (CVX)

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By Paul Ausick Published
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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.

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This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

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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.

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