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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.
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BUSINESS
October 8, 2009 | Nathan Olivarez-Giles
Natural gas will be an increasingly important product to Chevron Corp. and other energy companies, a top executive said Wednesday. But George Kirkland, who will take over next year as the company's vice chairman, said it would take considerable investment -- even in the recession -- for firms to take advantage of natural gas' potential as a lower-emissions fuel. "The fact is, natural gas has come of age," Kirkland said in a speech at the World Gas Conference in Buenos Aires.
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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
May 28, 2009 | TIMES WIRE REPORTS
The incoming chief executive of Royal Dutch Shell announced a major shake-up, including new managers, a reorganization of businesses and job cuts. Peter Voser, who takes the CEO job July 1, said the changes would "increase accountability in the company and improve Shell's performance on delivering new projects." The moves are similar to simplification pushes undertaken earlier by Shell's main European rival, BP, and by the world's largest oil company, Exxon Mobil Corp.
BUSINESS
April 21, 2000 | Bloomberg News
Phillips Petroleum Co. lost a bid for $158.4 million in damages when a jury decided that rival Exxon Mobil Corp. did not infringe a patent for making polyethylene plastic. A jury in federal court in Wilmington, Del., deliberated about six hours after a two-week trial before deciding that Irving, Texas-based Exxon Mobil, the world's largest publicly traded oil company, did not use Phillips' invention in its plastics. Bartlesville, Okla.
BUSINESS
May 8, 2001 | Reuters
Exxon Mobil Corp. said it has filed a request with the Federal Trade Commission, asking that it investigate patents held by Unocal Corp. on reformulated gasoline. Unocal's five patents, which closely match federal anti-smog standards required at one-third of the nation's pumps, have been blamed for higher gasoline prices by causing refiners to eliminate or reduce their production for fear of being sued.
BUSINESS
December 16, 1999 | From Times Staff and Wire Reports
The merger of Exxon and Mobil will bring bigger cost savings than expected for shareholders, though thousands more employees will lose their jobs, company executives said Wednesday. Exxon Mobil Corp. will cut almost 16,000 jobs--about 15% of its work force--by the end of 2002, an increase from the 9,000 cuts estimated when the companies announced plans to merge a year ago.
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.
BUSINESS
December 3, 1999 | Associated Press
The new Exxon Mobil Corp. said it agreed to sell 1,740 service stations to Tosco Corp. for $860 million. The move came just two days after Exxon Corp. and Mobil Corp. agreed to a Federal Trade Commission demand that they sell 2,431 stations over the next year as a condition of their merger. Separately, Exxon Mobil said it might eliminate more than the 9,000 jobs the companies had estimated when they announced their merger plans last December.
BUSINESS
May 18, 2006 | From Bloomberg News
The California Public Employees' Retirement System joined with treasurers in six states and other investors Wednesday in an effort to raise pressure on Exxon Mobil Corp. to address global warming. Sacramento-based CalPERS and the investor coalition requested a meeting with independent directors of the world's biggest energy company to discuss its failure to pursue alternatives to petroleum-based fuels.
BUSINESS
May 1, 2009 | Times Wire Reports
Exxon Mobil Corp. posted its lowest profit in more than five years Thursday after the global recession sapped energy demand, pulling down oil and gasoline prices. First-quarter net income fell 58% to $4.55 billion, or 92 cents a share, from $10.9 billion, or $2.02, a year earlier, the Irving, Texas, company said. Per-share profit was 3 cents lower than the average of analyst estimates compiled by Bloomberg. The profit decline was Exxon Mobil's biggest since 2002. Revenue tumbled 45% to $64 billion as New York oil futures traded 56% lower than a year earlier, the biggest decline on record.
BUSINESS
October 31, 2008 | Ronald D. White, White is a Times staff writer
Riding record oil prices in the third quarter, Exxon Mobil Corp. on Thursday posted the biggest quarterly profit ever for a U.S. company: $14.83 billion, or about $112,000 a minute. The results, amounting to $2.86 a share, beat the Irving, Texas, company's previous record and shattered analysts' average expectation of $2.38 a share, according to a survey by Thomson Reuters. Consumer groups and politicians saw reason for anger in those numbers.
BUSINESS
August 28, 2008 | From Times Staff and Wire Reports
Exxon Mobil Corp. must face a lawsuit by villagers in Indonesia who say the company contributed to human rights abuses by government security forces. U.S. Judge Louis Oberdorfer in Washington denied a motion by Exxon and ExxonMobil Oil Indonesia to dismiss the suit, saying there was evidence Indonesian security forces under contract with the companies committed atrocities. The villagers sued in 2001, claiming that Indonesian soldiers working for the Irving, Texas, company committed murder, torture and rape in Aceh province, where the company operates a government-owned oil and natural gas field and a pipeline.
BUSINESS
August 1, 2008 | Elizabeth Douglass and Richard Simon, Times Staff Writers
Exxon Mobil Corp. posted second-quarter earnings Thursday of $11.68 billion, once again topping its own record for the biggest three-month profit ever by a U.S. corporation. Still, the massive income at the world's largest publicly traded oil company pleased hardly anyone. Production fell during the quarter, and financial analysts had been expecting better earnings -- two factors that helped push the company's stock down $3.95, or 4.7%, to $80.43 a share.
NATIONAL
June 18, 2008 | From Times Wire Reports
During testimony regarding development of oil and gas reserves at the Point Thomson field, lawmakers questioned the accuracy of geologic studies presented by the state. Most of the data on which the studies are based are incomplete and come directly from Exxon Mobil Corp. The oil company gathered the data more than 20 years ago but has not drilled a new well since 1982, according to testimony. "How can we make a good decision about Point Thomson if the data is not good?" said state Sen. Bill Wielechowski (D-Anchorage)
BUSINESS
June 17, 2008 | From Times Wire Services
Exxon Mobil Corp. has failed to persuade the Supreme Court to halt a human rights lawsuit against it. The justices rejected the Irving, Texas-based energy company's appeal of a ruling on a 2001 lawsuit filed by International Rights Advocates on behalf of villagers in Indonesia's Aceh province. The suit alleged that the Indonesian military committed rampant human rights abuses against the villagers while under Exxon's employ to guard a natural gas facility.
BUSINESS
February 8, 2008 | Chris Kraul, Times Staff Writer
Exxon Mobil Corp. won a round in its bitter fight against Venezuela's state oil company Thursday as courts in several countries said they would freeze $12 billion in international assets held by Petroleos de Venezuela. Last year, Venezuelan President Hugo Chavez nationalized a heavy oil field in eastern Venezuela, and Exxon Mobil has been seeking to recover the value of its investment in the site ever since.
BUSINESS
February 21, 2001 | From Times Staff and Wire Reports
Exxon Mobil Corp. was ordered to pay $500 million in compensatory damages to about 10,000 dealers who claimed the company cheated them in a gasoline discount program, the plaintiffs' lawyer said Tuesday. About 400 current and former dealers in California could be eligible to collect damages. A U.S. District Court jury in Miami issued the judgment after a lengthy trial, which followed a first attempt to try the class-action lawsuit that ended in mistrial in 1999.
BUSINESS
May 1, 2008 | From Times Wire Services
Members of the Rockefeller family are calling on Exxon Mobil Corp. to make governance changes and increase spending on alternative fuels as oil soars close to $120. Irving, Texas-based Exxon, a successor to the Standard Oil Co. founded in 1870 by John D. Rockefeller, is the world's largest publicly traded oil company and a favorite target of advocate groups and politicians unhappy with record prices for oil and gas and their effect on the environment. Fifteen descendants of the oil baron are involved in four shareholder resolutions seeking changes at Exxon, including dividing the chief executive and chairmanship positions held by Rex Tillerson.
BUSINESS
February 13, 2008 | Chris Kraul and Mery Mogollon Special to The Times
Venezuela on Tuesday suspended all commercial relations with Exxon Mobil Corp., including any deliveries of crude and oil products, amid a bitter dispute over the nationalization of the U.S. oil giant's heavy oil field. The move comes days after Exxon Mobil won backing from courts in the United States, Britain and the Netherlands to freeze as much as $12 billion in assets belonging to the Venezuelan state oil company as part of its strategy to recoup its investment.
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