Word: exxon
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Gammill believes he has broken new ground. "Until now no one has been able to detect or transcribe emotion from a stock-performance chart," he says. Gammill is now setting the market performance of Exxon and Coca-Cola to music. Investors looking for a new stock may soon ask, "How does that stock sound...
...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...
...Exxon intends to appeal the ruling. In addition, the company wants some help on the payment. Since Exxon had only a two-thirds interest in the disputed oil field, it is considering suing the 2,500 companies and individuals who hold the rest in order to force them to pay one-third of the fine...
...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...