Chevron Statement on Ecuador Judgment Enforcement Action

Published on Wednesday, 27 June 2012 18:43 Written by TradersHuddle Staff

In response to media reports that the Lago Agrio plaintiffs’ lawyers have initiated recognition and enforcement actions of their fraudulent judgment in Brazil, Chevron Corporation (NYSE: CVX) issued the following statement:

“The Ecuador judgment is a product of bribery, fraud, and it is illegitimate. The company does not believe that the Ecuador judgment is enforceable in any court that observes the rule of law.

“If the plaintiffs’ lawyers believed in the integrity of their judgment, they would be seeking enforcement in the United States – where Chevron Corporation resides. In the U.S., however, the plaintiffs’ lawyers would be confronted by the fact that seven federal courts have already made fraud findings related to the plaintiffs’ lawyers’ scheme.”

Note to Editors:

Chevron is defending itself against false allegations that it is responsible for alleged environmental and social harms in the Oriente region of Ecuador. Chevron never conducted oil production operations in Ecuador, and its subsidiary Texaco Petroleum Co. (“TexPet”) fully remediated its share of environmental impacts arising from oil production operations, before leaving Ecuador in 1992. After the remediation was certified by all agencies of the Ecuadorian government responsible for oversight, TexPet received a complete release from Ecuador‘s national, provincial, and municipal governments that extinguished all claims before Chevron acquired TexPet in 2001. All legitimate scientific evidence exonerates Chevron and proves that the remediated sites pose no significant risks to human health or the environment.

More information on the plaintiffs’ lawyers’ fraud can be found here. Additional background on the Ecuador litigation can be accessed here and here.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.