Chevron Ecuador Case | The Chevron Ecuador Lawsuit Trial & Chevron's Views & Opinions | The Amazon Post » $490 million http://www.theamazonpost.com CHEVRON’S VIEWS AND OPINIONS ON THE ECUADOR LAWSUIT. Wed, 08 Feb 2012 16:33:18 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Amazon Defense Coalition Fabricates Texaco Profit Figures in Ecuador http://www.theamazonpost.com/news/amazon-defense-coalition-fabricates-texaco-profit-figures-in-ecuador http://www.theamazonpost.com/news/amazon-defense-coalition-fabricates-texaco-profit-figures-in-ecuador#comments Fri, 19 Jun 2009 23:37:44 +0000 Chevron Ecuador http://www.theamazonpost.com/?p=528 FICTION:
“O’Reilly claimed that Texaco made ‘only’ $500 million from its Ecuador operations. However, hard data suggest Texaco had profits upwards of $30 billion, with the lower number the amount booked to the company’s fourth-tier Ecuadorian subsidiary.” - Amazon Defense Coalition Press Release, June 16, 2009

FACT:
The Amazon Defense Coalition’s numbers are demonstrably incorrect. From 1970-1992, the total company earnings for all of Texaco’s world-wide operations totaled $22.9 billion. It is a ludicrous stretch of the truth to say that Texaco made $30 billion in profits from its Ecuador operations.

In reality, Texpet (Texaco subsidiary in Ecuador) was a minority partner in a consortium with Petroecuador, the government’s state-run oil company. While approximately $28 billion in revenue was generated by the consortium between 1972 and 1992, more than $25  billion of that went to the Government of Ecuador in the form of royalties, income taxes , direct participation (through Petroecuador) and market subsidies. Texaco received a small fraction of the profits, or $490 million. Ecuador’s Central Bank has validated this.

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