DBRS Chevron Corporation (Chevron) is one of the world’s largest integrated non-government-owned petroleum companies.
CVX’s ratings are supported by its very strong financial profile, the
scale and diversity of the Company’s integrated operations and its sizeable portfolio of upstream growth projects.
1. Global diversification in core petroleum segments;
2. Good production growth prospects;
3. Increasingly focused Downstream operations;
4. Strong balance sheet and financial flexibility.
Moody’s The ratings upgrade recognizes Chevron’s increasingly diversified
upstream reserves and production portfolio, the sustainability of its
strong financial profile . . .
58. Chevron is the sole owner of the shares of Chevron Canada. It is the
owner through the 100% ownership of cascading intermediary subsidiaries
which carry on no business. If one asks the question: who has the beneficial,
indirect ownership of Chevron Canada’s shares, the answer must be Chevron. If one asks the corollary question: does anyone else have a beneficial
right to those shares, the answer must be no.
59. By its complete dominion and control of the boards of directors of each
intervening subsidiary, none of which has an independent director and all of
which are populated by Chevron group employees, only Chevron can order a
sale of all or substantially all of the assets.
 I do not accept the plaintiffs’ submission that Chevron
Canada’s shares and assets are exigible pursuant to the
Execution Act to satisfy the Ecuadorian judgment against Chevron, for
the following reasons.
 Chevron Canada’s incorporating statute, the CBCA, gives
it all the rights, powers and privileges of a natural person. Section 15(1) of the CBCA provides the following:18
15(1) A corporation has the capacity and, subject to this Act, the rights,
powers and privileges of a natural person.
 Chevron Canada is not an asset of Chevron. It is a separate legal person. It is not an asset of any other person including
its own parent, CCCC. The Supreme Court of Canada confirmed
this in BCE Inc. v. 1976 Debentureholders,19 where the court
stated, “While the corporation is ongoing, shares confer no right
to its underlying assets.”
18 CBCA, s. 15(1).
19 BCE Inc. v. 1976 Debentureholders,  3 S.C.R. 560,  S.C.J. No.
37, 2008 SCC 69, at para. 34.