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OPINION
June 13, 2009
After 13 years of litigation, Royal Dutch Shell has agreed to settle with plaintiffs who accused the oil giant of complicity in human rights abuses in Nigeria, the most infamous of which was the execution of prominent playwright, author and environmental activist Ken Saro-Wiwa. A member of the Ogoni tribe, Saro-Wiwa was a vocal critic of Shell and the brutal military government of Gen. Sani Abacha.
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BUSINESS
March 13, 2014 | By Shan Li
Rick Perry is coming back to town. The Texas governor will be in Los Angeles next week to try to persuade local corporations to relocate to the Lone Star State. This is his third swing through the Southland since last year, and Texas this time around comes armed with a $300,000 advertising blitz. He returns with a big victory under his belt: Occidental Petroleum Corp. The Los Angeles oil giant, whose roots in the region go back nearly a century, announced last month it is relocating to Houston.
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NEWS
February 5, 2002 | From Times Wire Reports
Judicial investigators in France have turned up millions of dollars in shadowy commissions, kickbacks and other under-the-table schemes in a just-completed, eight-year probe of the oil giant Elf Aquitaine that implicates scores of people, including presidential candidate Charles Pasqua. Suspicions involving Pasqua, a former interior minister, are limited to alleged free air travel. The investigation named 43 people, including top Elf executives, and was one of the most sweeping in modern France.
BUSINESS
October 18, 2013 | By Shan Li
Oil giant Occidental Petroleum Corp. said Friday it plans to sell off its minority stake in the Middle East and North Africa region along with other assets in an effort to boost shareholder value. The Los Angeles company, which is one of the largest oil producers in the country, said those decisions come as part of a push to streamline operations and improve profitability. “Our goal is to become a somewhat smaller company with more manageable exposure to political risk,” Stephen I. Chazen, Occidental's chief executive, said in a statement.
CALIFORNIA | LOCAL
February 2, 2007 | Richard C. Paddock, Times Staff Writer
Oil giant BP will give $500 million to a partnership led by UC Berkeley to develop new biofuels and reduce environmental harm caused by the use of fossil fuels, Gov. Arnold Schwarzenegger and company officials announced Thursday. UC Berkeley will team up with the University of Illinois at Urbana-Champaign and the Lawrence Berkeley National Laboratory to develop fuel from plants, improve the extraction of oil from existing reserves and find ways to keep carbon from entering the atmosphere.
NEWS
April 30, 1985 | MICHAEL A. HILTZIK, Times Staff Writer
In a vast financial restructuring seen as at least partially inspired by takeover fears, Atlantic Richfield announced plans Monday to buy back $4 billion of its stock and cut back its operations sharply nationwide. Among the consequences will be the addition of $4 billion in debt to the Los Angeles-based company's balance sheet, a one-time write-off of $1.3 billion against 1985 earnings and layoffs or early retirement for perhaps thousands of the company's 34,900 employees.
BUSINESS
November 10, 1992 | From Associated Press
Exxon Corp. gasoline dealers who sued to stop the oil giant from abandoning the Southern California retail market have won a judge's order blocking the exodus until a trial is held. Exxon's domestic oil and gas division said in May that it would stop selling motor fuel at its 156 stations in Los Angeles, Orange and Ventura counties this fall. It was one of a series of cutbacks by the oil company to try to keep costs down. However, in a Friday ruling that was made public Monday, U.S.
OPINION
September 5, 2009
Only weeks ago, the 16-year legal battle between Chevron Corp. and thousands of indigenous people in Ecuador's Amazon seemed as if it were coming to a close. After years of delay, all that remained was for the judge -- there are no jury trials in Ecuador -- to deliver a verdict on whether the oil company is responsible for wide-scale contamination. But Chevron, which is widely expected to lose and could be assessed a staggering $27 billion in damages, is not going down without some legal pyrotechnics.
BUSINESS
November 10, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
Chevron Corp. said Monday that it will cut 1,500 jobs, including 28% of its headquarters staff in San Francisco, as part of a restructuring of its domestic operations begun two years ago. "This is the last big one," Chevron spokesman Mike Libbey said of the job cuts, which the oil giant said should produce annual savings of $235 million. About 1,000 jobs will be eliminated at Chevron's headquarters, and 500 will be cut at Chevron Information Technology Co.
BUSINESS
June 11, 2010 | Walter Hamilton, Ronald D. White and Janet Stobart
Helped by supportive comments from the new British prime minister and a rally in the broad stock market, shares of beleaguered oil giant BP surged Thursday to their biggest gain since the crisis over the Gulf of Mexico oil spill erupted in April. BP's stock jumped more than 12% as British Prime Minister David Cameron said he would discuss BP in a scheduled telephone call with President Obama this weekend. Investors interpreted that as an effort by the British government to counter-balance the increasingly vitriolic criticism that Obama and other U.S. lawmakers have leveled at the London company in recent days.
NATIONAL
November 29, 2012 | By Neela Banerjee, Washington Bureau
WASHINGTON - The Obama administration has temporarily banned the energy giant BP from new federal contracts, citing the company's "lack of business integrity as demonstrated" by the April 2010 Gulf of Mexico disaster. The Environmental Protection Agency's decision Wednesday comes two weeks after BP entered into a wide-ranging settlement agreement with the Justice Department over criminal charges in connection with the Deepwater Horizon disaster, which killed 11 men, spewed nearly 200 million gallons of oil into the ocean and turned into the country's worst offshore environmental catastrophe.
BUSINESS
July 28, 2012 | By Ronald D. White, Los Angeles Times
Oil prices crashed in the second quarter, and Chevron Corp. still made $26 a barrel. Take just about any business in which the value of a company's primary product suddenly falls and it could be time to panic. Then there is the oil patch, where billions of dollars in profits are possible even after a collapse in crude prices. Several large oil companies have posted sharp declines in second-quarter profits this week because of lower oil and natural gas prices during the three-month period.
BUSINESS
May 7, 2012 | By E. Scott Reckard
With energy prices high, Big Oil rules atop the Fortune 500, helping to put Texas just a hair behind California as home to the highest-revenue corporations -- 52 firms, compared with the Golden State's 53. The magazine's latest list of mega-enterprises, released Monday, showed Exxon Mobil in the Dallas suburb of Irving edging out Wal-Mart Stores for the top spot, with 2011 revenue of $453 billion, compared with $447 billion at the Arkansas-based...
NEWS
April 25, 2012 | By Dan Turner
The British, it seems, are not enamored of British Petroleum, even when it shells out big bucks to support the nation's greatest literary treasure. A group of actors staged their own protest play Monday night before a performance of "The Tempest" at Shakespeare's birthplace, Stratford-upon-Avon, to express their displeasure with a sponsorship deal involving the oil giant. BP is supporting the World Shakespeare Festival, a joint venture between the Royal Shakespeare Co. and the Globe Theatre that is being billed as the biggest Shakespeare festival ever held.
BUSINESS
April 5, 2012 | Bloomberg News
Chevron Corp. and Transocean Ltd. are being sued for $22 billion in environmental damages in Brazil, double the initial claims, after a federal prosecutor filed a lawsuit over a second oil spill off the nation's coast. Chevron committed "a series of errors" that led to the March spill at the Frade project, the federal prosecutors' office said. Prosecutor Eduardo Santos de Oliveira is also seeking to halt operations at the project and block the San Ramon, Calif., oil giant from transferring profits from Brazil.
BUSINESS
January 26, 2012 | By Ronald D. White, Los Angeles Times
Occidental Petroleum Corp. kicked off what was expected to be a parade of healthy earnings reports for the oil industry, announcing a fourth-quarter profit gain of 35% on the strength of high oil prices and record U.S. crude production. Occidental's fourth-quarter net income of $1.6 billion, or $2.01 a share, compared with $1.2 billion, or $1.49 a share, in the same quarter of 2010. Occidental's revenue jumped 19% for the quarter to $6 billion. Analysts polled by Thomson Reuters had been expecting earnings of $1.95 a share and sales of $5.8 billion.
BUSINESS
March 13, 2014 | By Shan Li
Rick Perry is coming back to town. The Texas governor will be in Los Angeles next week to try to persuade local corporations to relocate to the Lone Star State. This is his third swing through the Southland since last year, and Texas this time around comes armed with a $300,000 advertising blitz. He returns with a big victory under his belt: Occidental Petroleum Corp. The Los Angeles oil giant, whose roots in the region go back nearly a century, announced last month it is relocating to Houston.
OPINION
October 2, 2009
When Chevron was in a New York courtroom battling a lawsuit by thousands of indigenous Ecuadoreans, it argued that the case rightly belonged in their country. But now that the company is poised to lose in the Andean nation and could be assessed as much as $27 billion in damages, it says Ecuador isn't the right place either. Last week, the oil giant shopped the case to yet another court, filing a claim at the Permanent Court of Arbitration in The Hague. Chevron has long maintained that it would appeal an adverse decision, which is entirely understandable.
BUSINESS
December 23, 2011 | Bloomberg
Total SA, Europe's third-largest oil producer, increased its bet on solar energy by buying more of San Jose-based SunPower Corp. and selling its renewable energy development unit to the U.S. company. Total, which already owns 60 percent of the second-largest U.S. solar-panel maker, agreed to pay $163.7 million to raise its stake to 66 percent, SunPower said today in a statement. The solar company will buy Total's Tenesol unit for $165.4 million in cash. Total is buying the SunPower shares at a 50 percent premium over yesterday's closing price, a move that Pavel Molchanov, a Houston-based analyst at Raymond James & Associates Inc., said was a vote of confidence in the company.
BUSINESS
September 7, 2011 | Jonathan Kaiman
Shares of China National Offshore Oil Corp. have taken a hit as the fallout from a pair of June oil spills continues to weigh heavily on the company's performance. By Tuesday's close in Hong Kong, the state-owned oil giant's stock was down more than 10% since the start of the week. The decline comes amid growing criticism about the handling of oil spills in China's northeastern Bohai Sea by CNOOC's partner, ConocoPhillips. The U.S. oil company operated two platforms in an offshore oil field named Penglai 19-3, where an estimated 3,200 barrels of crude oil and drilling fluids were released into the sea in early June.
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