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Amazon Defense Coalition Fabricates Texaco Profit Figures in Ecuador

“O’Reilly claimed that Texaco made ‘only’ $500 million from its Ecuador operations. However, hard data suggest Texaco had profits upwards of $30 billion, with the lower number the amount booked to the company’s fourth-tier Ecuadorian subsidiary.” – Amazon Defense Coalition Press Release, June 16, 2009

The Amazon Defense Coalition’s numbers are demonstrably incorrect. From 1970-1992, the total company earnings for all of Texaco’s world-wide operations totaled $22.9 billion. It is a ludicrous stretch of the truth to say that Texaco made $30 billion in profits from its Ecuador operations.

In reality, Texpet (Texaco subsidiary in Ecuador) was a minority partner in a consortium with Petroecuador, the government’s state-run oil company. While approximately $28 billion in revenue was generated by the consortium between 1972 and 1992, more than $25  billion of that went to the Government of Ecuador in the form of royalties, income taxes , direct participation (through Petroecuador) and market subsidies. Texaco received a small fraction of the profits, or $490 million. Ecuador’s Central Bank has validated this.

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#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

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