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Press release from Business Wire

Chevron Statement on Southern District of New York RICO Opinion

Tuesday, July 31, 2012

Chevron Statement on Southern District of New York RICO Opinion20:17 EDT Tuesday, July 31, 2012 SAN RAMON, Calif. (Business Wire) -- Chevron Corporation (NYSE:CVX) issued the following statement in response to today's Southern District of New York RICO opinion: Today, the U.S. District Court in New York rejected the Lago Agrio plaintiffs' attempt to avoid a ruling on the validity of their fraudulent judgment and made important factual findings about the plaintiffs' fraud and misconduct. In a 97-page opinion, Judge Kaplan rejected the effort of the Ecuadorian plaintiffs and their lawyers to abruptly drop some of their arguments in Chevron's RICO case in order to avoid a ruling against them, calling this tactic an “unworthy pretense.” The court examined the record and issued findings that plaintiffs' lawyers engaged in activities that “tainted” the Lago Agrio trial, further observing that “there are serious questions concerning the preparation of the judgment itself.” Judge Kaplan denied Chevron's motion for immediate summary judgment on whether the Ecuador judgment is enforceable under New York law, instead requiring further legal and factual submissions prior to a final ruling. Chevron intends to press forward with its racketeering and fraud case until the perpetrators of the judicial fraud are held accountable for their actions. 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. Chevron CorporationKent Robertson, 925-790-3819