Financial Accounting Blog

Thursday, October 30, 2003

Contingent Liabilities. ChevronTexaco has a contingent liability related to alleged pollution of the Amazon.
....plaintiffs allege, Texaco chose to dump 18.5 billion gallons of oily water brought up during drilling into some 350 open pits and streams instead of reinjecting it deep underground in order to cut costs.

Lawyers for the plaintiffs estimate it will cost $1 billion to clean up and provide medical care for the region's inhabitants.