July 13, 2007 |
With Wall Street's big bull run Thursday, Exxon Mobil Corp. became the only publicly traded company currently valued above half a trillion dollars. Shares of Exxon Mobil rose $2.33 to $89.62, pushing the market capitalization of the Irving, Texas-based oil company to $504.9 billion. That's more than the annual economic output of Argentina, Finland and Kazakhstan combined. Shares have gained 40% in the last 12 months, making Exxon Mobil 26% bigger than General Electric Co., the next largest U.S.
August 5, 2005 |
Lee Raymond, the tough-talking chief executive of Exxon Mobil Corp. who built the nation's largest oil producer into the world's most valuable company, on Thursday said he would retire at the end of the year. Exxon President Rex Tillerson, widely seen as Raymond's heir apparent after 30 years with the company, is expected to be elected its next leader, the company said. The announcement ends years of speculation over when the 66-year-old Raymond would hand over the reins.
February 8, 2008 |
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.
February 13, 2008 |
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.
October 27, 2006 |
Cashing in on higher prices and production, oil giant Exxon Mobil Corp. surprised Wall Street on Thursday with $10.5 billion in third-quarter profit, putting it on pace to smash earnings records for the full year. Exxon's earnings were the second-highest ever recorded by a publicly traded company -- behind its own $10.7-billion profit in last year's final quarter -- and helped reawaken the public outrage that came with this summer's record-high pump prices.
February 21, 2001 |
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.
December 28, 1999 |
Sunoco Inc. officials, their company's shares down 34% this year, are wishing they were in California. Philadelphia-based Sunoco, the third-largest independent U.S. oil refiner, saw earnings sink in each of the last three quarters. Profit margins on fuel sales in Sunoco's East Coast markets fell by as much as half from year-earlier levels. By contrast, earnings rose for rivals such as Chevron Corp. and Tosco Corp.
December 21, 2002 |
Exxon Mobil Corp. said the Alabama Supreme Court threw out a $3.5-billion damage award levied against the oil company for underpaying gas royalties owed the state. The court reversed the jury verdict and sent the case back to a lower court for retrial, the company said.
January 18, 2007 |
Exxon Mobil Corp. must face a lawsuit that claims Indonesian soldiers guarding a natural gas processing plant in Aceh province tortured and killed local residents, the U.S. Court of Appeals in Washington said. Judges upheld a lower court's denial of Exxon Mobil's request to throw out the case. The suit, filed in 2001 by 11 Indonesians, claims that the soldiers were under Exxon Mobil's control, making the Irving, Texas-based company liable.