Exxon Mobil Corp (XOM.N) Key Developments | Reuters.com
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Exxon Mobil Corp (XOM.N)

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Latest Key Developments (Source: Significant Developments)

Exxon Mobil Corp taps high-profile lawyer to fight N.Y. climate change probe - Reuters
Tuesday, 1 Dec 2015 05:26pm EST 

Exxon Mobil Corp:Exxon Mobil Corp XOM.N has hired a star attorney in an aggressive response to mounting scrutiny over the company's climate change disclosures, according to people familiar with the matter - RTRS.They identified the attorney as Theodore V. Wells, Jr., co-chair of the litigation department at the law firm Paul, Weiss, Rikfind, Wharton & Garrison LLP - RTRS.New York Attorney General Eric Schneiderman began an investigation about a year ago into whether Exxon lied to investors about how climate change risks could hurt its bottom line - RTRS.Schneiderman's office hit Exxon with subpoenas last month demanding a trove of financial records, emails and other documentation. The company is tentatively due to respond to the requests by mid-December, the sources said. - RTRS.The company has not been charged in the matter and it is unclear where the probe will lead. But Exxon's decision to hire such a heavy hitter signals it views the matter seriously - RTRS.Wells this year investigated the New England Patriots in the "Deflategate" ball-tampering scandal for the National Football League. - RTRS.He also previously represented former New York Governor Elliot Spitzer and Scooter Libby, a former official in the administration of President George W. Bush - RTRS.Exxon has also retained Paul Weiss partner Michele Hirshman, a former deputy New York attorney general and federal prosecutor, to help with its defense, the people said - RTRS.  Full Article

Exxon Mobil Corp - New York investigating Exxon over climate statements -source - Reuters
Thursday, 5 Nov 2015 07:55pm EST 

Exxon Mobil Corp:The New York attorney general has launched an investigation into whether Exxon Mobil Corp misled the public and shareholders about the risks of climate change - RTRS.Attorney General Eric Schneiderman subpoenaed the company on Wednesday evening, demanding extensive financial records, emails and other documents, a source familiar with the investigation said on Thursday - RTRS.Exxon on Thursday said it was weighing a response to the subpoena - RTRS.The company has included information about the business risk of climate change for many years in its quarterly filings, corporate citizenship report and in other reports to shareholders, company spokesman Richard Keil said - RTRS.The New York Times first reported the news on Thursday - RTRS.The Exxon investigation might expand to other oil companies, according to the people with knowledge of the case, though no additional subpoenas have been issued, the newspaper said - RTRS.Sources told the New York Times that the attorney general’s investigation began a year ago and encompasses company filings dating back to the 1970s - RTRS.Last month, a broad array of environmental groups demanded the U.S. Department of Justice investigate Exxon after reports by Inside Climate News - RTRS.and the Los Angeles Times said the company's own scientists raised worries about global warming decades ago only to see their findings doubted by executives - RTRS.  Full Article

Exxon Mobil Corp declares fourth quarter dividend
Wednesday, 28 Oct 2015 12:58pm EDT 

Exxon Mobil Corp:Declared a cash dividend of 73 cents per share on the Common Stock.Payable on December 10 to shareholders of record date as on November 12.  Full Article

Exxon Mobil Corp - Pennsylvania court delays XTO fracking waste case again - Reuters
Friday, 23 Oct 2015 06:11pm EDT 

Exxon Mobil Corp:A Pennsylvania court has set a new date for the start of a criminal pre-trial against Exxon Mobil Corp's XTO Energy unit over the discharge of fracking wastewater from a natural gas well site in 2010 - Reuters.In an order called a continuance, the court set Feb. 2, 2016 as the start date, moving it from Dec. 8, 2015, the court said in a filing last week - Reuters.This was the fifth continuance in the case. The first was in August 2014 - Reuters.  Full Article

Exxon Mobil Corp says activists' allegations about its climate research are "misleading"
Wednesday, 21 Oct 2015 02:16pm EDT 

Exxon Mobil Corp:Says climate research stories inaccurate and deliberately misleading.Says media and environmental activists' allegations about the company's climate research are inaccurate and deliberately misleading.Says "facts are that we identified the potential risks of climate change and have taken the issue very seriously".Both Insideclimate news and LA Times ignored evidence provided by co of continuous, publicly available research that refutes the claims.Says will continue to advocate for policies that reduce emissions while enabling economic growth.  Full Article

New Jersey judge nixes latest bid to block Exxon Mobil Corp pollution settlement - Reuters
Thursday, 8 Oct 2015 08:00pm EDT 

Exxon Mobil Corp:A New Jersey judge on Friday rejected the latest attempt by environmentalists to block a $225 million settlement between Exxon Mobil Corp and Governor Chris Christie's administration over pollution clean-up costs - Reuters.The case is controversial because the settlement accounts for less than 3 percent of the $8.9 billion in damages that the state previously said it would seek - Reuters.The deal was cut under Christie, who is a 2016 Republican presidential candidate, after a decade of litigation - Reuters.Environmental groups and Democratic legislators have been trying to intervene in the case since the settlement was announced in March, but Superior Court Judge Michael Hogan on Friday denied their latest attempt - Reuters.Environmental groups and Democratic legislators have been trying to intervene in the case since the settlement was announced in March, but Superior Court Judge Michael Hogan on Friday denied their latest attempt - Reuters.The damage helped turn more than 1,500 acres of wetlands and marshes into toxic wastelands, the state said - Reuters.  Full Article

U.S. fines Exxon Mobil Corp $2.63 mln for Arkansas oil pipeline leak - Reuters
Sunday, 4 Oct 2015 08:00pm EDT 

Exxon Mobil Corp:The U.S. pipeline safety office has fined Exxon Mobil Corp XOM.N $2.63 million for spilling crude oil in an Arkansas residential area in 2013, the regulator said on Thursday - Reuters.The Illinois-to-Texas, 20 inch (51 cm), Pegasus pipeline spilled about 3,190 barrels of oil in a neighborhood near the town of Mayflower. Regulators initially estimated the spill was about 5,000 barrels - Reuters.The case will be closed when the civil penalty is paid and terms of a compliance order are completed, the Pipeline and Hazardous Materials Safety Administration told Exxon in a letter sent on Thursday and published on the regulator's website - Reuters.  Full Article

NH court upholds $236 mln water pollution judgment against Exxon Mobil Corp - Reuters
Thursday, 1 Oct 2015 08:00pm EDT 

Exxon Mobil Corp:New Hampshire's top court on Friday upheld a $236 million judgment against Exxon Mobil Corp over groundwater contamination linked to gasoline additive MTBE - Reuters.The New Hampshire Supreme Court ruling affirms a 2013 jury decision that rejected Exxon's claims that contamination linked to the fuel additive was the fault of the local gas stations and storage facilities that spilled it - Reuters.New Hampshire's lawsuit against Exxon, which is headquartered in Irving, Texas, dates back to 2003. State officials say the $236.3 million judgment is the largest MTBE verdict since states and other agencies began making the claims for remediation and other damages - Reuters.A spokesman for Exxon said on Friday that the company is considering appealing the case to the U.S. Supreme Court - Reuters.According to New Hampshire officials, more than 600 wells in the southern part of the state are contaminated with MTBE - Reuters.New Hampshire has received $90 million in legal settlements with other gasoline suppliers over MTBE contamination. The state has yet to receive any compensation from Exxon - Reuters.  Full Article

PBF Energy to purchase the Torrance Refinery and Related Logistics Assets from ExxonMobil Corp ; sets up a new wholly-owned subsidiary
Wednesday, 30 Sep 2015 04:15pm EDT 

PBF Energy:Says its subsidiary has signed a definitive agreement to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil.Purchase price for the assets is $537.5 million, plus working capital to be valued at closing.PBF expects to finance the transaction with a combination of cash, debt and equity. The transaction is expected to be immediately accretive to earnings.Torrance transaction is expected to close in the second quarter of 2016, subject to customary closing conditions and regulatory approvals.Refinery will be restored to full working order prior to close.will set up a wholly-owned subsidiary, PBF Energy Western Region LLC, to hold all of the Torrance related assets.  Full Article

Dutch court ruled that gas producer Royal Dutch Shell PLC and Exxon Mobil Corp's NAM must compensate homeowners in quake zone - Reuters
Tuesday, 1 Sep 2015 08:00pm EDT 

Exxon Mobil Corp:A Dutch court ruled that gas producer NAM must compensate homeowners for falls in the value of their properties due to earthquakes linked to gas production at the Groningen field in the north of the Netherlands - Reuters.The ruling by the court in Assen could result in billions of euros of claims against Nederlandse Aardolie Maatschaapij (NAM), a joint venture between Shell and ExxonMobil - Reuters.The Dutch government has reduced production from the Groningen field, Europe's largest, twice this year after the country's Safety Board said gas companies and regulators had failed to take the danger from gas production-linked earthquakes seriously enough - Reuters.Vermeulen added that homeowners must claim their losses on a case-by-case basis, and that the average decline in home values attributable to their location in the earthquake zone alone appeared to be no more than "several" percent, with some suffering more and others none at all - Reuters.NAM has so far set aside 1.2 billion euros ($1.35 billion) for compensation for damage to buildings. Estimates of the cost of compensating homeowners for lost value and strengthening buildings in the affected region are far higher - Reuters.  Full Article

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Indonesia to step up oil exploration, fishing in South China Sea waters

JAKARTA Indonesia's president on Wednesday ordered an expansion of offshore oil exploration and commercial fishing in the waters near the Natuna Islands, the latest in a new campaign to assert sovereignty over the area in the South China Sea.