Chevron agrees to $45 million settlement
runningwolf
(AP) – 15 hours ago
WASHINGTON — Chevron is going to pay $45.5 million to resolve claims
that it underpaid natural gas royalties to the government and Native
Americans.
The Justice Department said Wednesday that most of the settlement
money will be distributed to federal, state and American Indian
accounts affected by the underpayments.
Each month, companies are required to report to the Interior
Department the value of the natural gas produced from their federal
and Indian leases. A percentage of the reported value is paid as
royalties.
The settlement includes Chevron companies Texaco, Unocal and other
affiliates.
Among the government's allegations were that the companies made
improper deductions from royalty values.
Copyright © 2009 The Associated Press.
http://www.google.com/hostednews/ap/article/ALeqM5iw6VhsozrkuD73a7J6_te2s_b1twD9CP9PTO1