Oxy Judgment Upheld in Oklahoma Court

Occidental Petroleum Corp. said the Oklahoma Supreme Court upheld a $742.2-million judgment against Chevron Corp. The court affirmed a 1996 judgment favoring Los Angeles-based Occidental in a breach of contract case that dates back to a canceled merger more than 16 years ago. Interest on the award has brought its total value to $935 million, Occidental said. The suit challenged Gulf Oil Corp.’s decision to back out of an agreement to buy Cities Service Co., now a part of Occidental called Oxy USA, in 1982. San Francisco-based Chevron inherited the lawsuit when it bought Gulf for $13.3 billion in 1984. A Tulsa district court ordered Chevron to pay Oxy USA $742.2 million in 1996. Chevron appealed the award, the largest in state history. In New York Stock Exchange trading, Occidental shares rose 50 cents to close at $15.25, and Chevron rose $2.31 to close at $78.