The True Cost of Chevron (May 2011)
An Alternative Annual Report
As oil and gasoline prices – and public outrage at the generous government subsidies handed out daily to the oil industry – are on the rise, Fortune Magazine announced that for the fourth year in a row, Chevron – California’s largest company – is the nation’s third largest corporation and the world’s sixth largest. Chevron brought in nearly $20 billion in profits last year. What did it do with its vast wealth? According to its Annual Report and the actors in its “We Agree” Ad campaign, Chevron supported human rights, alternative energy, the environment, and local economies.
The reality is much different. This alternative annual report includes accounts by more than 40 authors – led by those on the front lines of Chevron’s operations – recording egregious corporate behavior in locations as diverse as California, Burma, Colombia, Ecuador, Kazakhstan, Nigeria, the Philippines and the U.S. Gulf Coast, including new sections detailing Chevron’s pursuit of ever-riskier and ever-deeper offshore projects in the South China Sea, the North Sea, and the Canadian Arctic and its role in the Deepwater Horizon disaster. The report also profiles the historic victory and ongoing battle over Chevron’s crimes in Ecuador.
EarthRights International authored the “Chevron in Burma (Myanmar)” and “Silencing Local Communities, Disenfranchising Shareholders” sections of this report, and co-authored the “Resisting Transparency: An Industry Leader” section.