BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Exxon Mobil (XOM) still fighting payments on oil spill damages]]>http://www.bloggingstocks.com/2008/08/12/exxon-mobil-xom-still-not-forced-to-pay-exxon-valdez-interest/http://www.bloggingstocks.com/2008/08/12/exxon-mobil-xom-still-not-forced-to-pay-exxon-valdez-interest/http://www.bloggingstocks.com/2008/08/12/exxon-mobil-xom-still-not-forced-to-pay-exxon-valdez-interest/#commentsFiled under: , , ,

While the horrific oil spill by the Exxon Valdez happened all the way back in 1989 (yes that was 19 years ago!), Exxon Mobil (NYSE: XOM) is still in litigation over how much it should be forced to pay in damages.

Last month, Exxon Mobil won a big victory when the Supreme Court (in a 5-3 decision) lowered the company's punitive damages from $2.5 billion all the way down to $507.5 million. While this was good news for Exxon Mobil, there was one little detail left to work out -- interest on all that money. Of course, Exxon Mobil does not want to pay that interest, and today the Supreme Court decided that a lower court needs to make this decision.

So just how much interest are we talking about here? Roughly $500 million and counting, as Exxon announced earlier that the victims of the oil spill have requested $488 million in interest. This works out to about $15,000 per victim.

What does this amount mean to Exxon? Ten hours of sales. That's right, ten hours. You would think the company would just pay the money and be done with the whole mess, but Exxon will continue to fight and will have its day in the lower court of appeals.

Continue reading Exxon Mobil (XOM) still fighting payments on oil spill damages

Exxon Mobil (XOM) still fighting payments on oil spill damages originally appeared on BloggingStocks on Tue, 12 Aug 2008 15:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>environmentExxoninthenewslegaloil cleanupOilCleanupSupreme CourtSupremeCourtValdezXOMTue, 12 Aug 2008 15:40:00 EST<![CDATA[XOM gets day in court: Justices will hear Exxon Valdez appeal]]>http://www.bloggingstocks.com/2007/10/29/xom-gets-day-in-court-supreme-court-will-consider-exxon-valdez/http://www.bloggingstocks.com/2007/10/29/xom-gets-day-in-court-supreme-court-will-consider-exxon-valdez/http://www.bloggingstocks.com/2007/10/29/xom-gets-day-in-court-supreme-court-will-consider-exxon-valdez/#commentsFiled under: , , ,

Oil giant Exxon Mobil (NYSE: XOM) got some good news today as the Supreme Court has decided to hear the company's appeal against this summer's ruling over its liability from the Exxon Valdez oil spill back in 1989.

Over the summer, the company was hit with a $2.5 billion fine, but it has argued that it should not have to pay up. It is estimated that with interest, the total amount could actually balloon closer to $4.5 billion.

The Exxon Valdez disaster was caused when the Valdez, loaded with 53 million gallons of oil, ran aground on a reef in Alaska's Prince William Sound. The result was 11 million gallons of oil polluting more than 1,200 miles of Alaskan shoreline, the worst oil spill in U.S. history.

At the heart of the whole debate is one man, Captain Joseph Hazelwood, who was accused to have been under the influence of alcohol at the time of the accident. Exxon Mobil contends that it should not be held responsible for the mistakes of a captain that violated all company policies, but opponents are not buying that argument. The plantiffs argue that Exxon Mobil was aware that Hazelwood had a drinking problem and still allowed him to captain the ship.

Continue reading XOM gets day in court: Justices will hear Exxon Valdez appeal

XOM gets day in court: Justices will hear Exxon Valdez appeal originally appeared on BloggingStocks on Mon, 29 Oct 2007 16:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>court caseCourtCaseExxonExxon MobilExxon ValdezExxonMobilExxonValdezinthenewsJoseph HazelwoodJosephHazelwoodlawoil cleanupoil spillOilCleanupOilSpillPrince William SoundPrinceWilliamSoundSupreme CourtSupremeCourtValdezXOMMon, 29 Oct 2007 16:40:00 EST