Jul 26, 2011
Chevron Puerto Rico(NYSE:CVX) has agreed to improve safety standards at about 100 of its underground storage tank facilities for leakage violations.
The U.S. Environmental Protection Agency says the company will pay a $600,000 fine and has decided to spend $5.2 million in improvements as part of a settlement.
On Tuesday, the agency stated that Chevron plans to install leak detection, monitoring and alarm systems by March 2013.
The settlement arrives as Chevron plans to sell its 187 Texaco stations across the U.S. Caribbean territory.
Chevron has a potential upside of 13.3% based on a current price of $108.24 and an average consensus analyst price target of $122.67.
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