Chevron Reaped $1.49 Billion From U.S. Drilling Leases
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Chevron Corp. reaped the most among the five largest oil companies drilling on U.S. deep water leases that mistakenly omitted drilling-fee provisions, according to a report produced by a Democratic lawmaker.
Chevron avoided $1.49 billion in royalties, out of $2.62 billion that the companies would have paid for the right to produce oil and gas in federal waters, according to the report today from Representative Edward Markey of Massachusetts using Interior Department information. More than 100 producers including BP Plc, Exxon Mobil Corp., Royal Dutch Shell Plc and ConocoPhillips also benefited from the botched leases.