Seeking Alpha

Chevron's (CVX) Argentina subsidiary takes out full-page ads in the country's major newspapers...

Chevron's (CVX) Argentina subsidiary takes out full-page ads in the country's major newspapers to complain about a court order freezing its assets there, saying it harms its capacity to operate and reinvest given that the order affects more than 90% of its income through crude sales. CVX calls the judgment fraudulent, and is trying to persuade the courts in Buenos Aires to lift the embargo.
Comments (3)
  • hmmm... how can we make the situation worse in argentina.... i know! we'll slander their justice system in a press campaign!

     

    that will make them easier to deal with.
    29 Nov 2012, 03:52 PM Reply Like
  • They should have saved their money. The country is in the thrall of a new increasingly dictatorial Peronist government that is determined to nationalize all outside interests, "for the people," in a feeble attempt to hide its own ruinous management. Appeals to courts are useless, as there is no adherence to law, not does their need to be by the current government.
    29 Nov 2012, 04:02 PM Reply Like
  • All in all, I actually think it was well played.
    First, I don't see the slander and

     

    second, the artcile says "In the ad, Chevron appealed to Argentina's desire to regain self-sufficiency in oil and gas, saying the company's operations here make it a partner in this goal."

     

    Thirdly, there is no appeal to the courts just a comment saying "The embargo order has not considered the public interest", which I believe is an appeal to the Argentine people and government.

     

    It remains to be seen what impact this will have but if the people perceive this embargo as damaging to Argentina's national interest then that has to be good for Chevron.
    30 Nov 2012, 02:40 AM Reply Like
DJIA (DIA) S&P 500 (SPY)