Word: exxon
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Dates: during 1980-1989
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...Exxon has always done things in a big way. The nation's largest industrial company is No. 1 in sales, assets and energy production. The oil giant last week added an embarrassing new superlative: the largest fine. A special three- judge federal court of appeals ruled unanimously that Exxon must pay the U.S. Treasury $2 billion for overpricing oil produced between 1975 and 1981 near Tyler, Texas. The ruling, which upholds a 1983 district court decision, represents what is thought to be the largest monetary judgment ever levied against a corporation...
...complex case stems from regulations imposed by the Nixon Administration that allowed companies to charge more for certain oil produced after 1972 than for petroleum pumped from wells operating before that date. The Energy Department accused Exxon of reaping windfall profits by improperly charging the higher prices for the Texas...
...chimney stacks along the St. Nicolaas beach on Aruba no longer belch smoke into the luminous tropical air. After 60 years of refining more than 6.5 billion bbl. of crude, including 1 out of every 16 bbl. of aircraft fuel used by Allied forces in World War II, Exxon's Lago refinery, once the largest in the world, will shut down this week. The closing marks the end of an era in the world oil industry and spells trouble for the 70-sq.-mi. Caribbean island. The refinery has provided Aruba with more than half its annual income for better...
...ultimate in golden send-offs, but Exxon is paying President Howard C. Kauffmann and a senior vice president, Donald M. Cox, both 62, a total of $2.87 million to take early retirement in May. Kauffmann, whose 1984 salary and bonus totaled $980,518, will receive a farewell stipend of $1.63 million. Cox, who was paid $715,127 last year, will receive a $1.23 million bonus...
...Exxon explained that the golden send-off was its way of making room at the top. Since 1983, three members of the company's board of directors have / received similar payments. Said the company proxy statement, which was mailed to stockholders last week: "For many years the corporation has, from time to time, made compensatory payments to selected executives where the corporation would benefit as, for example, by the early retirement of an executive from a position which would provide an opportunity for executive succession planning." Senior Vice President Lawrence G. Rawl, 56, has been nominated as Kauffmann's successor...