Chevron Agrees To Pay $550 Million Settlement

Chevron has agreed to pay a $550 million settlement to the Richmond City Council in California. The settlement is as a result of a tax that the Council was planning to pass over Chevron’s Richmond refinery. The refinery processes approximately 250,000 barrels of oil per day and has been in Richmond for over 100 years. The Council claims it is only fair that Chevron pays its fair share to the city. In exchange for paying the settlement, the Council will withdraw the proposed tax bill against the refinery.

Chevron will make the $550 million payment over a 10-year period.