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Chevron, Transocean settle spill lawsuits in Brazil

  • Federal prosecutors in Brazil reach a deal with Chevron (CVX +0.6%) and Transocean (RIG -1.5%) to settle lawsuits seeking up to $20B in damages stemming from a 2011 offshore oil spill; no details have been revealed.
  • Prosecutors and local officials were criticized for the heavy-handed response to what was considered a relatively minor spill at the Frade field, where between 2,400 and 3,700 barrels of crude seeped from cracks in the seabed off Brazil's coast.
  • Brazil may be seeking to clear the air before next month's auction of the Libra prospect, believed to be one of the largest deepwater oil fields ever discovered.
Comments (9)
  • Dividend Garden
    , contributor
    Comments (423) | Send Message
    How much did CVX reserve for these lawsuits? Just wondering how much will be released.
    13 Sep 2013, 11:45 AM Reply Like
  • dacama1
    , contributor
    Comments (211) | Send Message
    13 Sep 2013, 11:50 AM Reply Like
  • hwood007
    , contributor
    Comments (1207) | Send Message
    If you lookup the main causes of oil leaks into large bodies of water, you find nature is the main cause of such leaks and nature has the best response to such leaks, an organism that eats crude oil. All the ships at sea also leaks some oil into the water. If you have ever been in the depths of a large ship, you will find all kinds of greasy stuff down there.
    My point is how can they know this leak was man made? A crack in the sea bed is how nature causes leaks. I do own some leakers, CVX, COP, & XOM and use to own an old cabin cruiser.
    13 Sep 2013, 12:38 PM Reply Like
  • Anne Bonney
    , contributor
    Comments (84) | Send Message
    Third Word countries, act like, well, Third World countries. Any questions? Ditto to hwood007, including the cruiser.
    13 Sep 2013, 12:41 PM Reply Like
  • epeon
    , contributor
    Comments (508) | Send Message
    $20 billion for a leak of a couple of thousand barrels that probably had nothing to do with CVX? Ouch! Is working in a third world country worth it?
    13 Sep 2013, 01:17 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (8085) | Send Message
    No details revealed? Does that mean it is so small an amount that it is immaterial to CVX?
    13 Sep 2013, 02:41 PM Reply Like
  • Dividend Garden
    , contributor
    Comments (423) | Send Message
    I would doubt it's immaterial.
    13 Sep 2013, 02:49 PM Reply Like
  • jhawkinstx
    , contributor
    Comments (73) | Send Message
    Chevron still has Ecuador trying to extort them for old texaco transgressions that texaco had already settled for hundreds of millions.....just not settled with the right politicians. It part of doing business with banana republics.
    14 Sep 2013, 12:29 AM Reply Like
  • slam stocks
    , contributor
    Comments (1270) | Send Message
    Clarity on the payout would be appreciated, but given the stock continues to tick upwards, the amount of the $20B they'll be responsible is likely small.
    17 Sep 2013, 10:38 AM Reply Like
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