Chevron Corp. acquired the 22,000-acre Antina Ranch in West Texas. The acquisition settles a lawsuit over toxic spills from old oil wells. The landowner alleged negligence regarding crude oil and toxic water leakage from "zombie wells."
A holding company sharing Chevron’s corporate address recorded the purchase. The transaction occurred on February 3. Parties reached the confidential settlement in December. The parties did not disclose the specific terms.
Leaking wells represent a growing concern in the Permian Basin. Experts attribute these leaks to the over-injection of fracking wastewater underground. This underground pressure ruptures old well casings.