Word: exxon
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...measure, the $36 billion in profits that ExxonMobil earned last year is staggering. While corporate critics cavil, shareholders see a company simply doing what companies are supposed to do--earning money. Given Exxon's riches, though, the 32,677 claimants in a 17-year-old suit pursuing a $4.5 billion damage award from Exxon for its 1989 Valdez oil spill are puzzled: Why doesn't the world's largest and most profitable oil company just pay the victims and move on? Exxon recently argued its third appeal of the award handed out by a jury in 1994 as punishment...
...devaluation of his herring-fishing permits. "I've struggled to make a dime, let alone a profit, and these guys are making billions of bucks," says Kopchak. He and many other fishermen say 11 of the past 13 herring seasons were ruined by damage from the spill. Exxon disputes local fishermen's assertion that the spill has done extraordinary environmental damage to the region. But numerous reports, including an independent scientific review of studies--published in Science in 2003--have demonstrated the spill's extensive and long-term impact...
Experts say Exxon is appealing the punitive portion of the case in part to curtail open-ended payouts for future spills. Says Boudreaux: "It is [a question of] whether punitive damages are warranted in this case." To that question, U.S. District Court Judge H. Russel Holland has twice answered yes. Both times, after an appeals court sent it back for review, he agreed with the jury's decision awarding the plaintiffs $4.5 billion, noting that Exxon "demonstrated reckless disregard for a broad range of legitimate Alaska concerns...
...nation's largest oil field, is in decline. Production has slumped from a daily average of 1.6 million bbl. in 1988 to just 425,000 bbl. in 2005. To extract whatever oil remains, BP, which operates the field for a consortium of petroleum companies that includes ConocoPhillips and Exxon Mobil, has been taking measures that may have unintentionally raised the risks. Drilling more wells to further develop Prudhoe just adds to the more than 1,700 miles of pipeline that already crisscross the North Slope, increasing the chance of leaks. And other techniques, such as injecting water into old wells...
...Numbers $36.1 billion Profit reported by Exxon Mobil for 2005, the largest ever for an American company $22.9 billion Profit reported by Royal Dutch Shell for 2005, the largest ever for a U.K.-listed company...