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Stock Market & Financial Investment News

News Breaks
February 8, 2013
09:03 EDTCVXChevron says tribunal finds Ecuador in breach of its obligations
Chevron announced that an international arbitration tribunal issued an award finding that the Republic of Ecuador has violated the Tribunalís prior Interim Awards authorized under international law and a treaty between the United States and Ecuador by not preventing the attempted enforcement of a $19B judgment against Chevron. In prior rulings, the Tribunal put the Republic on notice that if Chevronís arbitration ultimately prevails, ďany loss arising from the enforcement of (the judgment) may be losses for which the (Republic) would be responsible to (Chevron) under international law.Ē In its ruling, the Tribunal found that ďNeither disagreement with the Tribunalís orders and awards on interim measures nor constraints under Ecuadorian law can excuse the failure of the (Republic), through any of its branches or organs, to fulfil its obligations under international law imposed by the Treaty, the UNCITRAL Rules and the Tribunalís orders and awards thereunder, particularly the First and Second Interim Awards on Interim Measures.Ē In August 2011, a different international arbitration tribunal convened under the BIT awarded Chevron and Texaco Petroleum $96M, plus interest, in a claim against the Republic of Ecuador related to past oil operations. The Tribunal found that Ecuador's courts violated the BIT and international law through their decade-long delays in ruling on certain commercial disputes between Texaco Petroleum and the Ecuadorian government. A court in the Netherlands has upheld the award and Ecuador has filed a second appeal.
News For CVX From The Last 14 Days
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September 19, 2014
12:24 EDTCVXChevron looks to sell Hawaiian oil refinery, Bloomberg says
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September 16, 2014
13:40 EDTCVXChevron alternative fuel research unsuccessful, Bloomberg says
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10:47 EDTCVXBadri sees OPEC lowering oil output target at next meeting, Reuters says
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September 15, 2014
20:02 EDTCVXConocoPhillips auctioning 24% stake in the Clair oilfield, FT reports
ConocoPhillips (COP) has hired banks to sell its 24% stake in UK's largest oilfield, The Financial Times reports, citing people familiar with the matter. The 24% stake could be valued between $2B-$3B, the people added. The Clair oilfield sits in Scottish territorial waters, and Conoco's interest in exiting the project is a sign of the challenges facing the North Sea oil industry, The Financial Times added. BP (BP) operates the Clair oilfield and owns a 28.6% stake, Royal Dutch Shell (RDS.A) controls a 28.6% stake, and Chevron (CVX) controls a 19% stake. Reference Link
07:02 EDTCVXMcDermott completes contract scope for Jack, St. Malo project
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06:29 EDTCVXChevron pipeline shut down following accident that killed one, WSJ reports
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September 12, 2014
11:49 EDTCVXChevron CEO looks for partner before Kitimat project decision, Bloomberg says
Chevron CEO John Watson said that the firm needs to locate a partner, finalize natural gas contracts and examine engineering expenses prior to making a choice regarding its Canadian liquefied natural gas project in Kitimat, according to Bloomberg, citing comments from Watson. Reference Link
September 10, 2014
08:22 EDTCVXBofA/Merrill oil and gas analysts hold an analyst/industry conference call
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September 9, 2014
10:10 EDTCVXOn the Fly: Analyst Downgrade Summary
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07:40 EDTCVXChevron downgraded to Underperform from Neutral at BofA/Merrill
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