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A Clean Sweep

After years of deferring liability costs from contaminated work sites, companies now must either deal with them or take a hit on the balance sheet when accounting rules change next year

By Russ Banham | Updated on February 01, 2008

After years of deferring liability costs from contaminated work sites, companies now must either deal with them or Take a hit on the balance sheet when accounting rules change next year

After more than a century of oil drilling and refining and mergers with other energy concerns like Getty, Texaco and Unocal, Chevron Corp. has inherited literally thousands of what are called brownfield sites–properties that could pose potential environmental liabilities because of the presence of a hazardous substance, pollutant or contaminant. Over the years Chevron has collected reams of information on the soil, groundwater and potential for contamination of nearby properties. With this data, Chevron risk managers have attempted to develop a reliable dollar figure for the cost of prospective bodily injury and property damage related to each. The work was daunting, but necessary.

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