chevron corp (CVX) Key Developments
BP Bids For US Penn Virginia
Jun 25 15
BP p.l.c. (LSE:BP.) has made a bid to acquire Penn Virginia Corporation (NYSE:PVA), it has emerged. BP has offered $8 a share for Penn Virginia, which drills for oil in Texas and elsewhere in the US, and has a market capitalization of about $319.2 million, according to people familiar with the matter. Penn is understood to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10 a share. It is believed rivals to BP such as Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) may also be interested in buying Penn Virginia.
Chevron To Reportedly Sell Two More Oil Blocks
Jun 23 15
Chevron Corporation (NYSE:CVX) unfolded its plan to offer two more oil blocks to prospective investors, This Day has learnt. Chevron plans to divest 40% from Oil Mining Leases 86 and 88, both located in shallow waters off Bayelsa State. Chevron's Manager, Policy, Government and Public Affairs, Deji Haastrup, did not respond to text messages and calls when contacted to confirm the latest planned assets sale.
Chevron Reportedly To Sell Caltex Assets; Z Energy Interested
Jun 2 15
Chevron Corporation (NYSE:CVX) is understood to be selling its Caltex New Zealand service station assets after the sale of its stake in the Marsden Point refinery. Z Energy Limited (NZSE:ZEL) is also believed to be interested in acquiring the assets. Chevron spokesman said the company did
not comment on speculation while Z Energy's spokesman, Jonathan Hill, said the rumors were "nothing new", particularly given Chevron's recent exit
from Caltex Australia, The New Zealand Herald added.
Seven Energy Seeks To Enter Partnerships
May 27 15
Seven Energy International Limited may seek to enter partnerships with other companies to expand gas production to meet rising demand from power plants and industries in Africa's largest economy. "The company has had a few discussions with indigenous companies," Chief Operating Officer Jeff Corey said on May 22, 2015. Royal Dutch Shell plc (ENXTAM:RDSA), Chevron Corporation (NYSE:CVX), TOTAL S.A. (ENXTPA:FP) and Eni SpA (BIT:ENI) are among those divesting interests in onshore and shallow water oil fields plagued by unrest, violence and theft in the Niger River delta.
Another Key Funder of Fraudulent Ecuador Litigation against Chevron Withdraws Support
May 6 15
Chevron Corporation has reached a settlement agreement with Woodsford Litigation Funding Limited, a litigation funder that provided $2.5 million in funding to the fraudulent lawsuit against Chevron in Ecuador. Chevron brought conspiracy claims against Woodsford in Gibraltar for the company's role in funding and advancing the fraudulent lawsuit. In the settlement Woodsford has resolved those claims by withdrawing all financial support related to the Ecuador litigation and assigning all of its interest in the litigation to Chevron. Chevron, in turn, has agreed to release all of its claims against Woodsford and Woodsford's Gibraltar-based funding entity, Temeraire Limited. Woodsford began funding the fraudulent lawsuit in March 2013. A year later, on March 4, 2014, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York ruled that the $9.5 billion judgment against Chevron in Ecuador was the product of fraud and racketeering activity, finding it unenforceable in the United States and holding Steven Donziger, the lead lawyer behind the lawsuit, liable for RICO violations.