Word: exxon
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...have ExxonMobil to thank (or blame) for it. The U.S. giant got hammered by investors following its first-quarter earnings report. Profits were $13 billion, but production was falling. Yet in Canada, Exxon has muscled aside some of its Syncrude partners and parachuted in a new management team to meet aggressive expansion targets. "Everything up here is American, pretty much," says an oil worker earning $130,000 a year, a fairly typical salary in Fort McMurray, which has earned the nickname Fort McMoney because it has the nation's highest average income. The timing seems right for Canada too. Carpenters...
...neither will Exxon. Down the road a few kilometers from Syncrude's Aurora mine, at the company's corporate headquarters, Tom Katinas has been shaking things up since he arrived from Exxon, based in Irving, Texas, in April 2007. "In the past, people came in at the bottom and worked their way to the top," says Katinas from his fourth-floor corner office, in a Sopranos-style drawl that reveals his Brooklyn roots. "There weren't enough new ideas...
...Investors this year have asked for so-called "say on pay" at some 100 companies, including Coca-Cola, IBM, General Motors, Exxon Mobil, Citigroup, Anheuser-Busch, General Electric and Wal-Mart. As companies hold their annual meetings throughout April and May, some 70 different institutional investors will be pushing to add an annual provision to let shareholders vote up or down on how companies pay their top five executives. Earlier this week, about 150 institutional investors and representatives from companies like Pfizer, Morgan Stanley, Dell, BP, Sara Lee, Fed Ex, Procter & Gamble and United Health gathered in New York...
...Venture capitalists invested $3 billion in clean tech in 2007, according to Dow Jones VentureSource, and they'd like a nice return. (But at least the VCs are spending money - federal investment in renewable energy research is a paltry $1 billion, or roughly a day of revenue for Exxon Mobil.) But there's no reason that business can't be a major part of the climate change solution, or that profit isn't concordant with a desire to save the Earth. Krupp writes about Jack Newman, a California surfer and former college dropout who helped found the promising biofuel start...
...billion DAMAGES An Anchorage jury awarded victims $5 billion in punitive damages in 1994, but that number was halved in 2006 by a federal appeals court. Having spent $3.5 billion on cleanup, Exxon maintains that the damages are excessive and the company should not be held liable for Hazelwood's actions