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Exxon Fined $2M for Sanctions Breach Under Tillerson

Company says it did nothing wrong

(Newser) - Exxon Mobil Corp. must pay a $2 million fine for showing "reckless disregard" for US sanctions on Russia while Secretary of State Rex Tillerson was the oil giant's CEO, the Treasury Department said Thursday. Exxon sued the US government to stop the fine. The Treasury said that Exxon... More »

Rex Tillerson Used Email Alias 'Wayne Tracker' at Exxon

At least in missives about climate change, says New York attorney general

(Newser) - An investigation into whether Exxon Mobil misled investors regarding its knowledge of climate change has revealed that former CEO and current Secretary of State Rex Tillerson used an alias email address to discuss the subject, says New York's attorney general. In a letter to a New York judge on... More »

Rex Tillerson Makes $240M Exit From Exxon

He'll sell stock, with value of deferred stock put in trust

(Newser) - Rex Tillerson will take a $180 million retirement deal and make a complete break from ExxonMobil if confirmed as secretary of state. In a deal announced Tuesday, Exxon says the former oil executive who resigned on Dec. 31 will sell his 611,000 shares of Exxon, worth about $55.5... More »

Exxon Investigated for Alleged Climate Lies

NY AG has subpoenaed 2 energy companies

(Newser) - New York's attorney general is examining statements by Exxon Mobil and Peabody Energy to determine whether they deceived investors about the causes and impacts of climate change, an official familiar with the investigations said Thursday. A subpoena was sent Wednesday to Dallas-based Exxon after a yearlong review of shareholder... More »

Scientist: Exxon Knew of Climate Change in 1981, Lied

'Guardian' explores explosive claims in newly uncovered email

(Newser) - Exxon was ahead of the game on climate change. According to Lenny Bernstein, who spent 20 years there as a climate expert, the company knew about the link between fossil fuels and climate change in 1981—seven years before the issue truly became public. But for the next 27 years,... More »

Apple Nails Spot as World's Most Valuable Firm

Overtaking Exxon caps amazing turnaround

(Newser) - Steve Jobs, who says Apple was 90 days from bankruptcy when he returned to the company in 1996, wakes up today as chief of the world's most valuable company. Apple, which briefly overtook Exxon in trading Tuesday , was ahead of the oil giant at the close of trading for... More »

Group Helps Big Biz Shape Friendly Laws

ALEC brings together companies and lawmakers

(Newser) - Say "hi" to ALEC—as in the American Legislative Exchange Council, a conservative think-tank that allows businesses to play a role in writing laws on energy, the environment, telecommunications, taxes, public safety, and more, reports Bloomberg . Corporations pay up to $25,000 to join ALEC and thousands more to... More »

Pipeline Rupture Spills Crude Into Yellowstone River

Up to 42,000 gallons of oil heading toward Missouri River

(Newser) - Up to 42,000 gallons of oil from a ruptured pipeline in Montana is surging through a flood-swollen Yellowstone River, creating an environmental mess that is threatening to reach the Missouri River, reports the Wall Street Journal . The Exxon Mobile pipeline, which runs under the Yellowstone River to a refinery... More »

Exxon Discovers Huge Oil Field in the Gulf

Company expects to get 700M barrels

(Newser) - Exxon announced the discovery of two oil wells and a natural gas deposit in the deep water of the Gulf of Mexico that could collectively contain 700 million barrels. Two of the finds had been made in 2009 and 2010, but the company waited until today to unveil the amount... More »

Oil Giants (Minus BP) Create Spill Response System

Exxon, Chevron, others learn from BP's mistakes

(Newser) - Four oil giants are teaming up to create an early-response system to contain disasters like the Deepwater Horizon spill. Exxon, Chevron, Royal Dutch Shell, and ConocoPhillips are committing an initial $1 billion to create the nonprofit Marine Well Containment Co., though maintaining the "strike force" will cost more over... More »

13 Companies We Love to Hate

Standard Oil, Union Carbide, and other objects of our scorn

(Newser) - BP may be the recipient of our collective scorn these days, but it's not the first company we've come to despise—and it doesn't even take top honors on the Most Hated list. The Daily Beast asked 10 financial historians to nominate and rank their picks for the worst company... More »

Oil Giants All Have Same Lame Spill Plan: Dems

Companies argue spill was a fluke

(Newser) - Lord help us if there’s another deepwater spill, because the big oil companies all have a pretty much identical response plan to BP, congressional Democrats complained today, grilling executives from Chevron, Exxon, Shell, BP, and Conoco Phillips. All the companies hired the same third party to draft their plans,... More »

Exxon to Buy Gas Company XTO Energy for $31B

All-stock deal will bolster Exxon's natural gas profile

(Newser) - Exxon Mobil has agreed to buy natural gas powerhouse XTO Energy for $31 billion in stock. Exxon’s been long rumored to be in the market for a natural gas company, hoping to take advantage of currently low prices, the Wall Street Journal reports. In XTO it’s nabbed a... More »

Exxon Admits Killing Birds, Will Pay $600K

Company fined $600K over deaths of protected birds

(Newser) - Exxon has pleaded guilty in federal court and agreed to pay $600,000 in fines over the deaths of dozens of birds at its drilling and production facilities, the Los Angeles Times reports. The 85 birds, including owls, waterfowl, and hawks, died after being exposed to hydrocarbons at Exxon's natural... More »

Dow Retreats 12 on Weak Data

Consumer confidence falls from last month

(Newser) - Stocks closed slightly lower today as falling crude prices and shares of energy firms weighed on the broader market, the Wall Street Journal reports. Exxon and Chevron both fell around 1% off a decline of $1.15 in crude oil prices, which stand at $67.32 a barrel. A new... More »

Energy Falters; Dow Off 37

A profit warning from Chevron highlights problems in the energy sector

(Newser) - The major stock indices finished mixed today, with the Dow trending down after Chevron issued a profit warning, the Wall Street Journal reports. Chevron was down 2.7% on news that a weak dollar and poor profits at refineries will cut into its second-quarter earnings. Exxon also fell 1.3%.... More »

Oil Prices Rise; Dow Up 91

Low-volume session sees modest advances in energy, financials

(Newser) - Stocks enjoyed modest gains today as a jump in oil prices lifted energy firms, the Wall Street Journal reports. Crude futures rose $2.33, to $71.49 a barrel; Exxon shares gained 2.39%. Financials also saw advances, led by Sallie Mae, which jumped 8.2% on new government terms... More »

Stocks, Oil Jump Together

(Newser) - Stocks jumped at the open today, with the Dow up 61 points, the Nasdaq adding 0.5%, and the S&P gaining 0.7%, powered by strong moves in its energy and basic materials sectors. That was due in part to the surge in fuel prices, with oil clearing $71... More »

Exxon, Chevron Scramble to Protect $40B Cash Booty

(Newser) - In times like these, everyone’s got problems. Exxon and Chevron? Finding safe places to stash $40 billion they stockpiled while oil prices were stratospheric last summer. “The biggest challenge we’ve had is making sure all the cash is there every morning,” Exxon’s CEO tells Bloomberg,... More »

Dow Drops 32; Crude Rises

Rohm & Haas, Dow Chemical fall on scuttled Kuwait deal

(Newser) - Stocks saw light losses today as news of trouble in Rohm & Haas’ acquisition of Dow Chemical hurt materials and crude staged a comeback on renewed Middle East tension, MarketWatch reports. The Dow closed down 31.62 points at 8,483.93. The Nasdaq fell 19.92 to close at... More »

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