LOS ANGELES, June 23, 1999 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE: OXY) said today that the Oklahoma Supreme Court, in an 8-1 decision, denied Chevron's (NYSE: CHV) petition for rehearing of the Supreme Court's earlier ruling affirming a District Court judgment that awarded $742.2 million to OXY USA, a unit of Occidental. Interest has continued to accrue since the 1996 District Court decision, and the total award now exceeds $960 million.
Occidental said it is very pleased with the court's decision.
The case involves a breach-of-contract action against Chevron Corp. 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 damages.
The Tulsa District Court in 1996 ordered Chevron to pay OXY USA $742.2 million, which included damages and interest from 1982 until then. The Oklahoma Supreme Court this past March upheld that judgment in a 7-1 decision, and Chevron filed its petition for rehearing.