Chevron to Pay $2 Million for Richmond Refinery Fire and 2 Other Dow Movers to Watch
Chevron Corp. (NYSE:CVX): Current price $123.34
Chevron will pay $2 million as a penalty and compensation for the year-ago fire at its refinery in the San Francisco Bay Area, Richmond. The total amount will be broken down into $1.28 million as a fine and $575,000 in reimbursements to the various state organizations involved in the matter. The oil major also intends to develop its air monitoring system and spend an additional $145,000 towards training activities in the field of renewable energy and construction. The 2012 fire in the refinery was traced to a gas leak in the pipeline from corrosion. Chevron was found guilty of failing to replace the nearly 40-year old pipeline and ignoring warnings coming from its own inspectors.
The Boeing Co. (NYSE:BA): Current price $106.01
On Wednesday, Boeing stayed with its forecast for plane output in the face of problems at a key supplier, advocating export credit for aircraft sales and addressing criticism that the use of such government-backed loans is not fair to domestic airlines. The company said that its output will likely not be impacted by the potential divestiture of the wing unit of Spirit Aerosystems Holdings Inc. — which warned of a second-quarter charge of as much as $400 million on Tuesday — postponing its earnings release. The supplier manufactures wing pieces for all of Boeing’s aircraft models and makes fuselages for its top-selling 737 model.
At a briefing in Washington, D.C., Vice President for marketing Randy Tinseth said that Boeing still intends to increase its production of 737s to 42 per month by mid-2014 from the current 38.
UnitedHealth Group Inc. (NYSE:UNH): Current price $73.03
Daughters of Charity Health Centers says that it has received a $550,000 grant from United Health Foundation. The grant will back DCHC’s Patient-Centered Medical Home Model and Neighborhood Health Partnership program. United Health Foundation awarded the grant during a community event Wednesday at the site, which is located in the Bywater neighborhood in New Orleans’ Ninth Ward. The foundation has given nearly $7 million thus far.