Tag Archives: Mary Giordano

From: Giordano
Sent: Monday, January 09, 2012 9:22 AM
To: dwillmore@elsegundo.org
Subject: RE: Chevron Chamber Package – 1-4-2012.pdf – Adobe Acrobat Standard

Thanks for note; will not forward. Mary

Mary Giordano
Assistant City Manager – Office of the City Manager
City of Torrance | 3031 Torrance Boulevard | Torrance CA 90503 | 310.618.5880 voice | 310.618.5891 fax |
MGiordano@TorranceCA.gov | www.TorranceCA.gov

From: Willmore Doug
Sent: Saturday, January 07, 2012 4:49 PM
To: MGIORDANO@TorranceCA.gov
Subject: FW: Chevron Chamber Package – 1-4-2012.pdf – Adobe Acrobat Standard
Attachments: Chevron Revenue Analysis.pdf

Mary,

This is an email I sent to my Council and I’m sending it for background. Please don’t forward the email on or quote it in any way.

Doug

From: Willmore, Doug
Sent: Wednesday, January 04, 2012 6:58 PM
To: Busch, Eric (Mayor)
Subject: FW: Chevron Chamber Package – 1-4-2012.pdf – Adobe Acrobat Standard

All,

Attached is a comparison of Chevron’s refinery in El Segundo to the other five largest refineries in municipalities in CA. The ES refinery is the largest (by volume) in the state of CA. As you can see, by almost any useful measure or ratio or method of comparison, the tax revenue we receive from Chevron is far below those of other refineries in other cities in CA.

You should know that before I had decided to present revenue per acre as one of the ways to evaluate Chevron’s tax burden, I spoke to a couple of people who I trust who are knowledgeable about local tax structures. They were my brother Brad, an investment banker in the SF Bay area, and Darrin Casper, my CFO at Salt Lake County. Brad used to do energy deals for Solomon Brothers on Wall Street and has done more than 15 utility or oil and gas mergers or acquisitions of up to $5B and knows the business inside and out — especially how they pay their taxes. Darrin used to do energy financing for oil and gas deals for the firm Lewis Young in the investment banking world before becoming a CFO. Both Brad and Darrin suggested to me to use revenue per acre as not just one way to analyze Chevron’s local tax structure, but as THE best way. Brad and Darrin both said comparing one refinery to another is useful, but not as useful as comparing this refinery to other land uses in your City.

As you know, when constructing a revenue collection system for any public entity, the fundamental criteria has to be fairness and equity. That is the reason that both Brad and Darrin suggested the revenue per acre comparison. I’ll get into the additional reasons why they said so in the next paragraph. … Continue reading →

From: Willmore Doug
Sent: Saturday, January 07, 2012 4:49 PM
To: MGIORDANO@TorranceCA.gov
Subject: FW: Chevron Chamber Package – 1-4-2012.pdf – Adobe Acrobat Standard
Attachments: Chevron Revenue Analysis.pdf

Mary,

This is an email I sent to my Council and I’m sending it for background. Please don’t forward the email on or quote it in any way.

Doug

From: Willmore, Doug
Sent: Wednesday, January 04, 2012 6:58 PM
To: Busch, Eric (Mayor)
Subject: FW: Chevron Chamber Package – 1-4-2012.pdf – Adobe Acrobat Standard

All,

Attached is a comparison of Chevron’s refinery in El Segundo to the other five largest refineries in municipalities in CA. The ES refinery is the largest (by volume) in the state of CA. As you can see, by almost any useful measure or ratio or method of comparison, the tax revenue we receive from Chevron is far below those of other refineries in other cities in CA.

You should know that before I had decided to present revenue per acre as one of the ways to evaluate Chevron’s tax burden, I spoke to a couple of people who I trust who are knowledgeable about local tax structures. They were my brother Brad, an investment banker in the SF Bay area, and Darrin Casper, my CFO at Salt Lake County. Brad used to do energy deals for Solomon Brothers on Wall Street and has done more than 15 utility or oil and gas mergers or acquisitions of up to $5B and knows the business inside and out — especially how they pay their taxes. Darrin used to do energy financing for oil and gas deals for the firm Lewis Young in the investment banking world before becoming a CFO. Both Brad and Darrin suggested to me to use revenue per acre as not just one way to analyze Chevron’s local tax structure, but as THE best way. Brad and Darrin both said comparing one refinery to another is useful, but not as useful as comparing this refinery to other land uses in your City.

As you know, when constructing a revenue collection system for any public entity, the fundamental criteria has to be fairness and equity. That is the reason that both Brad and Darrin suggested the revenue per acre comparison. I’ll get into the additional reasons why they said so in the next paragraph. … Continue reading →