CERAWEEK-Chevron CEO says ruling in Ecuador case a 'resounding victory'

HOUSTON, March 4 Tue Mar 4, 2014 11:08am EST

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HOUSTON, March 4 (Reuters) - Chevron Chief Executive John Watson said his company won a "resounding victory" on Tuesday after a U.S. district judge squashed a judgment against the company that was handed down by an Ecuadorean court.

Ecuador has tried to fine the company as much as $18 billion, claiming Texaco, which was later acquired by Chevron, contaminated an oil field in northeastern Ecuador between 1964 and 1992.

In Argentina, Watson said he expects a rapid ramp up in drilling in Argentina's Vaca Muerta area, where Chevron is working in what is widely believed to be one of the world's top tight oil plays.

He also called on U.S. policymakers to free restrictions on U.S. crude oil exports, saying "free trade wins ... let's get on with it."

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