Chevron has never conducted oil production operations in Ecuador. Its subsidiary Texaco Petroleum Co. (TexPet) did operate in Ecuador, mostly in minority partnership with Ecuador’s state oil company, Petroecuador, which owned 62.5 percent. TexPet left Ecuador in 1992, and at that time it fully remediated its share of environmental impacts arising from oil production. The $40 million remediation operation was certified by all agencies of the Ecuadorian government responsible for oversight, and TexPet received a complete release from Ecuador’s national, provincial and municipal governments. Chevron acquired TexPet in 2001.
For more than two decades, Petroecuador has been the sole owner of the operations TexPet left behind, and the state oil company has greatly expanded them. Petroecuador has been slow to remediate its majority share of pre-1992 impacts and has amassed a poor environmental record since that time. All remaining environmental conditions in the region are the sole legal responsibility of Petroecuador, and in December 2011, Petroecuador announced a $70 million remediation program that would address the balance of the necessary clean-up.