SAN FRANCISCO— Two weeks before Chevron’s (NYSE: CVX) Annual General Shareholders meeting, a report released today, An Analysis of the Financial and Operational Risks to Chevron Corporation from Aguinda v. ChevronTexaco,finds that Chevron’s multi-billion liability in Ecuador poses serious financial and operational risk to the company and its shareholders. The report finds that Chevron's strategy in the Ecuador litigation could depress stock price, and increase enforcement and raise costs for oil companies.
SAN FRANCISCO-Today a court in Lago Agrio, Ecuador has ruled in favor of the residents of Ecuador's Amazon region who have spent the last 18 years seeking damages for crude oil pollution. Chevron inherited the suit when it bought Texaco in 2001, and has denied the allegations of environmental damage.
One ad features a smiling elderly indigenous man wearing a bandana, with the words "OIL COMPANIES SHOULD CLEAN UP THEIR MESSES," along with a red stamp the reads "We Agree"--followed by the signatures of Chevron higher-ups. The ad is an apparent reference to a years-long lawsuit in Ecuador, where Chevron is accused of being responsible for $27 billion of oil pollution clean-up costs.
As Big Oil struggles to repair its image in the wake of the disastrous Gulf of Mexico oil spill, Chevron Corp. is responding head-on to industry critics.
The company's new ads, designed to evoke anti-industry posters, feature slogans such as "Oil companies should put their profits to good use" and "It's time oil companies get behind renewable energy." Stamped in red are the words, "We agree."
Contact: Nick Magel, Rainforest Action Network, firstname.lastname@example.org, (419) 283-2728
San Francisco – Rainforest Action Network is sending clean-up crews to all 10 Chevron gas stations in the city of San Francisco today, Sunday, in conjunction with 350.org’s 10/10/10 Global Work Party, which is taking place in 183 countries worldwide. The Chevron clean-up crews are highlighting the company’s unprecedented oil catastrophe in Ecuador and its continued obstruction of climate change initiatives here in California.
After playing dead on top of oil-black plastic sheets outside a Chevron office, protesters marched through downtown San Francisco on Monday to denounce “oil addiction” on the fifth anniversary of Hurricane Katrina, as the U.S. Gulf Coast recovers from its more recent disaster.
“We’re the greenest bank in the business,” claims Pittsburgh, Pennsylvania-based PNC bank (PNC:US) on its web site. “We’re a company committed to lighting the path to a greener way of doing business and a greener way of life.”