Exxon Mobil

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Exxon to Sell US Gas Stations
 Exxon to Sell US Gas Stations 
Jun 13, 2008 4:48 AM CDT

Exxon to Sell US Gas Stations

But private distributors will continue to use the company's name, products

(Newser) - Exxon Mobil is getting out of the retail gasoline business, following other major oil companies who've been selling their low-margin stations to gasoline distributors. The world's biggest publicly traded oil company plans to sell to distributors its remaining 820 company-owned stations and another 1,400 outlets operated by dealers. The...

Rockefellers' Green Revolt Fails at Exxon

Bid to open leadership to global warming debate fails

(Newser) - A shareholder revolt at Exxon Mobil by descendants of company founder John D. Rockefeller has failed to force management to split up the dual chairmanship and CEO roles of Rex Tillerson. The proposal to appoint an independent chairman in part to stimulate board debate about global warming garnered 40% of...

As Gas Spikes, Profit Scarce for Station Owners

Oil giants like Exxon hike prices, raise rents, covet every penny

(Newser) - Feeling sorry for gas station owners might be more than the average consumer can muster these days, but, reports the Washington Post, the emotion might not be misguided. Oil giants like Exxon cut owners' profit margins and raise rents, while micromanaging details down to which shelf franchisees place soda on....

Rockefellers Pump Exxon Execs for Changes

Family wants independent chairman, climate change initiatives

(Newser) - Executives at Exxon are bracing for an onslaught from the Rockefeller family, whose patriarch founded the oil firm’s predecessor a century ago, the Wall Street Journal reports. Led by John D. Rockefeller’s great-granddaughter, the family wants Exxon to pursue renewable forms of energy and appoint an independent chairman.

Guess What Oil Execs Make
 Guess What Oil Execs Make  
May 21, 2008 8:19 PM CDT

Guess What Oil Execs Make

Industry bigwigs are grilled by the Senate

(Newser) - Big Oil executives today were grilled by the Senate on soaring prices, and Sen. Patrick Leahy asked for their salaries, the AP reports. Here's what they said:
  • J. Stephen Simon, Exxon: $12.5 millon.
  • John Lowe, ConocoPhillips: Did not recall
  • Peter Robertson, Chevron: Did not recall.
  • John Hofmeister, Shell, $2.
...

High Court OKs Apartheid Cases
 High Court OKs Apartheid Cases 
May 12, 2008 7:14 PM CDT

High Court OKs Apartheid Cases

Claims against big corporations can proceed in federal court

(Newser) - Apartheid victims can sue corporations that dealt with South Africa’s government before 1995, the Supreme Court said today. But the judges did not render a decision, as four of the nine recused themselves, likely due to personal stock holdings. The claims seek $400 billion from companies including Exxon, Citigroup,...

Bad News Pummels Stocks
 Bad News Pummels Stocks 
MARKETS
May 9, 2008 3:28 PM CDT

Bad News Pummels Stocks

AIG, Citi, oil spook investors; even commodities look less safe in downturn

(Newser) - Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the...

Stocks Rally; Dow Up Almost 200
 Stocks Rally; Dow Up Almost 200 
MARKETS
May 1, 2008 3:24 PM CDT

Stocks Rally; Dow Up Almost 200

Fed's latest actions draw late but rave reviews

(Newser) - Stocks rallied today on strong performances by several big tech firms, MarketWatch reports. Investors also poured money into financials in anticipation of the dollar boost the Fed will cause by holding interest rates steady after yesterday’s cut. The Dow climbed 189.87 to at 13,010.00, the Nasdaq...

Exxon Profits Shoot Up 17%, But Still Miss Target

Rise smallest of the big three oil companies

(Newser) - Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63%...

Rockefeller Clan Launches Green Revolt at Exxon

Demand new chairman, green agenda

(Newser) - Exxon Mobil is facing a shareholder revolt by most of John D. Rockefeller's 300 descendants, who are pushing for the mammoth company to go greener, reports the Wall Street Journal. The Rockefellers are campaigning for Exxon to develop new energy technology, cut greenhouse gas emissions and appoint a new independent...

Wal-Mart Tops Fortune 500
 Wal-Mart Tops Fortune 500 
Apr 21, 2008 4:07 PM CDT

Wal-Mart Tops Fortune 500

Exxon Mobil repeats 2007 performance, finishes second

(Newser) - Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports....

Congress Grills Oil Execs Over Skyrocketing Prices

Honchos place some blame at legislators' feet

(Newser) - Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas...

Justices' Stock Portfolios Cripple Cases

Supreme Court left deadlocked by recusals amid calls to divest

(Newser) - The stock portfolios of Supreme Court justices have become a flash point this term, in which six cases could be affected by justices recusing themselves because they own financial stakes in companies involved. Chief Justice John Roberts, Justice Samuel Alito, and Justice Stephen Bryer have bowed out of cases involving...

Oil Insanity Pinned to Speculators
Oil Insanity Pinned to Speculators
Feb 28, 2008 5:54 PM CST

Oil Insanity Pinned to Speculators

Observers call current market 'hysteria' — and 'bubble'

(Newser) - Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel, to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by...

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

(Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the...

Exxon Asks Court to Toss $2.5B Payout

Supreme's justices appear to be split in Valdez case

(Newser) - Nearly 20 years after the Exxon Valdez spilled 11 million gallons of crude oil in Prince William Sound, the company asked the Supreme Court to reject a ruling that it pay $2.5 billion in punitive damages. Judges appeared split in today's arguments, USA Today reports, making a tie possible...

Venezuelan Prez Threatens to Cut Off US Oil

If Exxon wins court action seeking assets, Chavez vows revenge

(Newser) - Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an...

Stocks Climb on Microsoft News
Stocks Climb on Microsoft News
MARKETS
Feb 1, 2008 3:29 PM CST

Stocks Climb on Microsoft News

Dismal labor report can't keep Dow down

(Newser) - Microsoft’s offer to buy Yahoo outweighed a dismal jobs report today as the Dow ended up 92.83 at 12,743.19 after a seesaw session. Hopes for a new M&A wave bumped up against fears of broad economic slowdown. “This is a trader’s market, because...

Exxon Posts Historic Profits
Exxon Posts Historic Profits
Feb 1, 2008 8:00 AM CST

Exxon Posts Historic Profits

No US company has ever made more money, quarterly or annually

(Newser) - Exxon Mobil today reported the biggest quarterly and annual profit in US history, the Wall Street Journal reports, as record oil prices propelled net income up 14%, to $11.66 billion, or $2.13 per share. That topped analyst estimates, and investors rushed to the stock in pre-market trading. Annually,...

Sky-High Oil Will Reshape World Power, Dent US Clout

Power shifts as global economies change

(Newser) - The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal. If oil prices continue to climb, as many experts predict, US political power...

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