00:00It's Benzinga bringing Wall Street to Main Street.
00:02Chevron agreed to a settlement with the Department of Justice to resolve alleged
00:06violations tied to renewable fuel credits under the Clean Air Act Renewable Fuel Standard Program,
00:12according to Benzinga. The company will pay a civil penalty of just over $1 million and retire
00:17more than 2 million renewable fuel credits valued at about $3.6 million.
00:22The DOJ said Chevron disclosed in June 2023 that it had invalidly generated more than 2.2 million
00:29renewable identification numbers between January and August 2022. The credits were tied to renewable
00:35diesel that had already been used for credit generation and sold to third parties. The
00:40agency said RNs may only be generated once to prevent double counting. Chevron shares traded
00:45at $192.71 in pre-market on Thursday after recently setting a new 52-week high, according to Benzinga
00:53Prodata. For all things money, visit Benzinga.com.
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