LOS ANGELES, Mar. 3, 1999 (PRIMEZONE) -- The Oklahoma Supreme Court on Tuesday affirmed the 1996 judgment of the trial court, which awarded $742.2 million to Oxy USA, a unit of Occidental Petroleum Corporation (NYSE: OXY), in its breach-of-contract case against Chevron Corp. (NYSE: CHV) Interest on the award has continued to accrue since the 1996 decision of the District Court, so that the current amount now totals approximately $935 million.
The case dates back to 1982 and deals with a terminated merger between Gulf Oil Corp., which was purchased by Chevron in 1984, and Tulsa-based Cities Service Co., now Oxy USA.
When Gulf pulled out of the merger, Cities Service sued for more than $230 million in damages.
The Tulsa District court ordered Chevron to pay Oxy USA $742.2 million in 1996. The award was the largest in state history. Chevron appealed to the State Supreme Court in 1996.
Dr. Ray R. Irani, chairman and chief executive officer of Occidental, stated, "We are obviously very pleased with the court's decision."