Chevron Wells Not Exempt From Calif. Tax

By Eric Kroh (October 29, 2014, 12:15 PM EDT) -- A California appeals court on Tuesday rejected arguments by a subsidiary of Chevron Corp. that some of its newly constructed oil wells are exempt from supplemental assessments and $3.5 million in taxes on oil fields that it owns in the state.

The appellate court reversed a finding by a lower trial court that the Kern County Assessment Appeals Board used the wrong valuation method for replacement oil wells that Chevron USA Inc. built on California oil fields from 2006 through 2009.

"The board did not act arbitrarily, in excess of its discretion, or contrary to the law when it approved the...

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