Exxon to Invest Millions to Make Fuel From Algae

ENN, July 14, 2009

The oil giant Exxon Mobil, whose chief executive once mocked alternative energy by referring to ethanol as "moonshine," is about to venture into biofuels.
On Tuesday, Exxon plans to announce an investment of $600 million in producing liquid transportation fuels from algae — organisms in water that range from pond scum to seaweed. The biofuel effort involves a partnership with Synthetic Genomics, a biotechnology company founded by the genomics pioneer J. Craig Venter. Read more...

Exxon Mobil biofuel program

Supreme Court slashes Exxon's punitive damages for Valdez oil spill

Grist, July 1, 2008

ExxonMobil is off the hook for billions in punitive damages related to the 1989 Exxon Valdez oil spill. In 1994, the oil giant was ordered to pay $5 billion in punitive damages. In 2006, that amount was cut to $2.5 billion. Last week, the Supreme Court slashed the amount once again, to $507.5 million. By a 5-3 vote (Exxon stockholder Samuel Alito sat out), the court reasoned that punitive damages should not exceed what the company paid to victims for economic losses. Since the accident, Exxon has paid $3.4 billion in various fines, penalties, cleanup costs, claims, and other expenses. The $507.5 million will be divvied up among 32,677 commercial fisherfolk, seafood processors, landowners, native Alaskans, and small business owners. Exxon, which posted a record-breaking annual profit of $40.6 billion in February, makes $507.5 million in approximately 12 hours of sales. Read more...

Exxon facing shareholder revolt over approach to climate change

ENN, May 19, 2008

A shareholder revolt at ExxonMobil led by the billionaire Rockefeller family has won the support of four significant British institutional investors who will call on Monday for a shakeup in the governance of the world's biggest oil company. [..] Exxon is facing a rebellion over its hardline approach to global warming. The firm has refused to follow rival oil companies in committing large-scale capital investment to environmentally friendly technology such as wind and solar power. Read more...

Read also: Exxon Mobil Shareholders Reject CEO-Chairman Split