Speaking to security analysts, Chevron Corporation (NYSE: CVX) executives expressed confidence in the long-term outlook for the energy business, and outlined how it is responding the recent decline in oil and gas prices.
“The fundamentals of the oil and gas business remain attractive for our company and investors, as our products are vital to a growing world economy,” said John Watson, chairman and CEO of San Ramon-based Chevron.
Voters in Hermosa Beach rejected a measure that would have allowed E&B Natural Resources to drill 34 oil wells in the coastal community.
The vote was 3,799 against, with 1,016 in favor. Turnout was comparatively large in the city of 20,000 residents; in other elections across Los Angeles county, less than 9% of eligible voters went to the polls.
Hermosa Beach will have to pay Bakersfield-based E&B Natural Resources a fee of $17.5 million, which was set in a settlement between the city and the company that was drafted in 2012. The city has established a reserve of $6 million, and plans to pay the balance in annual installments of $800,000, according to City Manager Tom Bakaly.
Trillium CNG announced that it will build and operate a compressed natural gas (CNG) fueling station in Monterey, California, for fueling the trash trucks of the Monterey Regional Waste Management District.
Construction will begin in April at the Monterey Regional Environmental Park, with completion of the fueling facilities expected by the end of July. A portion of the fuel will be from landfill gas that will be recovered, treated and compressed. In 2016 the district plans to recover methan gas from the nearby Monterey Peninsula Landfill and convert it to CNG.
The CNG station will serve the district’s 50 CNG-fueled trucks, as well as other city and county vehicles that use the fuel. The station is being designed so it can expand its capacity to serve up to 100 CNG vehicles per day.
Two natural gas-fueled electric generating plants are being planned in San Diego to replace the generating capacity lost when the San Onofre Nuclear Generating Station was mothballed.
Construction is set to begin on March 9 for the gas-fueled Pio Pico Energy Center in Otay Mesa. It will supply the electricity needs of up to 200,000 homes.
San Diego Gas & Electric Co. is seeking approval for a second plant with twice the capacity, also fueled by natural gas, which it wants to build in Carlsbad.
Chevron Corp. (NYSE: CVX) has reached a settlement agreement with the principal funder of a lawsuit against Chevron in Ecuador that a US court has said is fraudulent.
Chevron, based in San Ramon, had brought claims against James Russell DeLeon in Gibraltar, where he lives, for his role in funding and advancing the lawsuit. DeLeon agreed to end his financial support for the Ecuador litigation and assigned his interests in the litigation to Chevron. Chevron agreed to release all claims against DeLeon.
DeLeon had told the Gibraltar court that he had invested $23 million in the case in exchange for an approximate 7% stake in the $9.5 billion Ecuadorian judgment against Chevron.
Attorneys for several environmental groups have sued to block delivery of crude oil to a Bakersfield terminal in 100-car “unit trains,” claiming the deliveries would harm air quality and pose a danger to the public.
The lawsuit was filed against the San Joaquin Valley Air Pollution Control District, the Bakersfield Crude Terminal and Plains All American Pipeline LP by the Sierra Club, Communities for a Better Environment, the Center for Biological Diversity and other groups.
