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BUSINESS
January 30, 2014 | By Shan Li
Occidental Petroleum reported higher profits in the fourth quarter as the oil and gas producer seeks to revamp its business after a boardroom shakeup last year. The Los Angeles company reported profits of $1.6 billion, or $2.04 a share, in the quarter that ended Dec. 31. That is up from $336 million, or 42 cents a share, in the same period a year ago. Occidental announced last year plans to sell off some stakes in Middle East and North Africa oil fields along with other assets and instead focus on operations closer to home.
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BUSINESS
March 19, 2014 | By Michael Hiltzik
With a new book coming out slagging Apple CEO Tim Cook for not being Steve Jobs ( it's called "Haunted Empire" --get it?), you should expect lots of specious comparisons of the reigns of the two Apple chieftains to reach the popular press. John Gruber at Daring Fireball points out one common misconception in a laudable effort to throttle it in its crib: the notion that since Jobs' death, Apple's " share price has slumped and it has lost its title of the world's most valuable firm.
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BUSINESS
August 30, 2011 | Reuters
Exxon Mobil Corp. and Rosneft announced a pact to extract oil and natural gas from the Russian Arctic, the most significant U.S.-Russian corporate deal since President Obama's push to improve ties. The announcement ended any hope that Britain's BP had of reviving its deal with state-owned Rosneft to develop the same Arctic territory. That deal was blocked in May by the billionaire partners in another BP Russian venture. For Exxon, the pact gives the largest U.S. oil company access to substantial reserves in Russia, the world's largest oil producer.
BUSINESS
January 30, 2014 | By Shan Li
Occidental Petroleum reported higher profits in the fourth quarter as the oil and gas producer seeks to revamp its business after a boardroom shakeup last year. The Los Angeles company reported profits of $1.6 billion, or $2.04 a share, in the quarter that ended Dec. 31. That is up from $336 million, or 42 cents a share, in the same period a year ago. Occidental announced last year plans to sell off some stakes in Middle East and North Africa oil fields along with other assets and instead focus on operations closer to home.
BUSINESS
August 17, 2008
To those letter writers last week (Aug. 10) who were feeling so sorry for Exxon Mobil for having to pay high taxes, purchase mineral rights and lift the oil from its own wells, despite making $11 billion last quarter: Please send me a hankie. Ralph S. Brax Lancaster
BUSINESS
March 30, 2004 | From Reuters
An Alabama circuit court judge reduced an $11.8-billion punitive damages award against Irving, Texas-based Exxon Mobil Corp. to $3.5 billion in a lawsuit filed by the state seeking unpaid royalties on offshore natural gas leases. The decision comes two weeks after Circuit Judge Tracy McCooey declined to order a new trial over the verdict, which was awarded by a Montgomery state court jury Nov. 14. The initial $11.8-billion award was the largest handed down by a U.S. jury last year.
BUSINESS
August 10, 2008
On "Exxon's profit fuels criticism" (Aug. 1.): While Rep. Nancy Pelosi (D-San Francisco) and the rest of Congress bellow about these "excessive" profits, there is never a mention that these oil companies are paying more than 40% in taxes. I would think this important in an unbiased story on the Business page. Michael O'Gara Glendale -- Exxon Mobil continues to extend its unprecedented profit streak for another quarter, the most of any company in the history of mankind.
BUSINESS
May 23, 2001 | Associated Press
Exxon Mobil Corp. should pay $1.06 billion because of radioactive contamination on 33 acres of land owned by a former state judge, a Louisiana state jury decided. Exxon Mobil, which will appeal, did not deny there was some radioactive contamination on land leased from former Jefferson Parish District Judge Joseph Grefer, who lived near the site. In dispute was the amount of radium 226 and radium 228, how much a cleanup would cost and when Exxon Mobil first knew of a possible problem.
BUSINESS
October 30, 2009 | Times Wire Reports
Exxon Mobil Corp. reported a fourth straight drop in profit Thursday after demand fell for fuels to run cars, factories and airplanes. Third-quarter net income declined 68% to $4.73 billion, or 98 cents a share, from $14.8 billion, or $2.85, a year earlier, the Irving, Texas, company said. Per-share profit was 4 cents lower than the average analyst estimate compiled by Bloomberg. Exxon Mobil's revenue plunged 40% to $82.3 billion. Global oil demand fell enough to fill 62 supertankers, spurring a drop of almost $50 in the average price of a barrel of crude, and U.S. natural-gas futures dropped 62% as factories were idled by the recession.
BUSINESS
April 27, 2012 | By Ronald D. White, Los Angeles Times
Occidental Petroleum Corp. posted a slight increase in first-quarter profit on higher oil prices and record production as energy giants Exxon Mobil Corp. and Royal Dutch Shell reported lower net income. Westwood-based Occidental, the fourth-largest U.S. oil company, said it generated net income of $1.56 billion in the first quarter, or $1.92 a share, up from $1.55 billion, or $1.90, in the same quarter of 2011. Revenue jumped to $6.27 billion from $5.73 billion a year earlier. Occidental Chief Executive Stephen I. Chazen said production rose to the equivalent of 755,000 barrels of oil a day, "the highest in Occidental's history," from 730,000 barrels a day in the first quarter of 2011.
BUSINESS
November 21, 2013 | By Neela Banerjee
WASHINGTON - Just 90 companies worldwide produced fuels that generated two-thirds of industrial greenhouse gas emissions from 1854 to 2010, according to a new study. The 90 biggest producers of fuels driving climate change include investor-owned corporations, such as Exxon Mobil and Chevron, and state-owned oil companies, such as Saudi Aramco and Mexico's Pemex. The study attributes 914 billion metric tons of greenhouse gases to the fuels extracted by the companies, which is 63% of the total 1,450 billion metric tons of emissions estimated since the mid-19th century.
NATIONAL
November 12, 2013 | By Neela Banerjee
WASHINGTON - Federal regulators have fined ExxonMobil $2.6 million for spilling 210,000 gallons of oil into an Arkansas subdivision and lake in  March, citing a string of safety lapses by the oil giant going back more than a decade. The penalty levied by the Pipeline and Hazardous Materials Safety Administration last week spotlights the damage caused by a spill at a time when the Obama administration weighs allowing construction of the controversial Keystone XL pipeline from Alberta, Canada, to the Texas Gulf Coast.
CALIFORNIA | LOCAL
July 19, 2013 | By Tony Barboza
The U.S. Air Force will consider leasing land on Vandenberg Air Force Base for private companies to extract offshore oil and gas from land-based drills on the central California coast. The proposal, opposed by environmental groups, would require the first new offshore lease in state waters since the 1960s, said Mark Meier, chief counsel for the State Lands Commission. It would allow companies to use onshore equipment with extended-reach "slant drilling" technology to reach offshore deposits.
SCIENCE
July 15, 2013 | By Tony Barboza
Nine companies have been fined for filing late or inadequate reports about their greenhouse gas emissions as required by the state, California air regulators announced. The companies included Exxon Mobil Corp., which was fined $120,000 for filing late and inaccurate data on its Torrance refinery and Pacific Gas & Electric Co., which agreed to pay $20,000 for delays in reporting emissions it generates as a natural gas supplier. Cement manufacturers, oil companies and gas plant operators were among the other companies whose fines were made public last week by the California Air Resources Board.
BUSINESS
July 9, 2013 | By Shan Li
Oil giant Exxon Mobil Corp. topped the list of the world's most profitable companies with an annual haul of $44.9 billion for its most recent fiscal year. Following closely behind at No. 2 is technology firm Apple Inc., which raked in earnings of $41.7 billion. That's according to Fortune magazine, which released its annual list of the 500 biggest corporations around the world ranked by their fiscal years that ended on or before March 31, 2013. When ranked by revenue instead of profit, oil and gas behemoth Royal Dutch Shell snagged the top spot with $481.7 billion.
NATIONAL
June 13, 2013 | By Neela Banerjee, Washington Bureau
WASHINGTON - The Justice Department and the state of Arkansas filed suit against the oil giant ExxonMobil over a March 29 pipeline rupture that spilled 210,000 gallons of oil into a residential neighborhood and waterways in the small town of Mayflower. The spill prompted evacuations, killed wildlife, polluted wetlands and a lake, and stirred health complaints from people living near the rupture site, north of Little Rock. In the suit filed in federal district court, the Justice Department seeks civil penalties for violations of the Clean Water Act. The Arkansas attorney general is also pursuing civil penalties for violations of the Arkansas Hazardous Waste Management Act and the Arkansas Water and Air Pollution Control Act. The state also seeks to have ExxonMobil pay for all cleanup and removal costs under the federal Oil Pollution Act. The ExxonMobil Pegasus pipeline split open just as the Obama administration entered the final phases of review for the far bigger, controversial Keystone XL pipeline, handing ammunition to opponents who say that Keystone's path from Canada through major rivers such as the Platte and the Missouri and over the Ogallala aquifer, the main freshwater source for the Great Plains, could lead to a catastrophe.
BUSINESS
January 26, 2012 | By David Sarno, Los Angeles Times
Apple Inc.'s blowout quarter has pushed the electronics maker back into a neck-and-neck race with Exxon Mobil Corp. for the title of the world's most valuable company. On Wednesday, Apple's stock opened at $454, nearly 7% higher than where it had closed Tuesday and an all-time high for the company. That put its market value — the total value of all its outstanding shares — at north of $418 billion. That catapulted Apple past Exxon, which had a slower start to its trading day as its market value shrank to about $413 billion.
BUSINESS
May 5, 2001 | Associated Press
A judge upheld the largest jury verdict in Alabama's history, $3.4 billion in punitive damages against Exxon Mobil Corp. for deliberately underpaying the state for natural gas royalties. "Exxon engaged in egregious, intentional fraud by which it sought to deprive Alabama of hundreds of millions of dollars, probably well over $1 billion," Circuit Judge Tracy McCooey wrote in an order.
CALIFORNIA | LOCAL
May 30, 2013 | By Kate Mather and Joseph Serna
A wayward mylar balloon floated into Torrance power lines, forcing an oil refinery evacuation, a street closure and refinery employees to scan the surrounding community for emission leaks. The balloon triggered a voltage fluctuation at 9:16 a.m. from a Southern California Edison substation in Torrance, which in turn caused “unplanned flaring” at the Torrance ExxonMobil refinery. No injuries were reported, but nonessential employees at the facility were relocated to a nearby park as a precaution, said refinery spokeswoman Gesuina Paras.
CALIFORNIA | LOCAL
May 30, 2013 | By Kate Mather
Torrance firefighters responded to "heavy flaring" at an ExxonMobil refinery that officials said was prompted by a brief power outage Thursday morning. Crews arrived at the refinery about 9:20 a.m. after a mylar balloon hit equipment at a nearby California Edison substation and caused a "momentary but widespread" outage, Torrance Fire Capt. Steve Deuel said. No injuries were reported, but some contractors working at the facility were relocated to a nearby park as a precaution, Deuel said.
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