ExxonMobil to Appeal Alabama Verdict
IRVING, Texas -- Calling the $3.5 billion punitive judgment in the Mobile Bay royalties contract dispute "excessive and unjustified," ExxonMobil filed a notice of appeal with the Alabama Supreme Court in Montgomery.
The company said the amount is clearly contrary
to guidelines established by recent U.S. Supreme Court decisions on punitive damage awards.
"ExxonMobil's conduct was absolutely proper and lawful, and we look forward to the opportunity to present the facts of this case to the Alabama Supreme Court," said Stuart McGill, president of ExxonMobil Production Co.
Since production began at Mobile Bay, the company has paid more than $1 billion in royalty and lease payments directly to the state. ExxonMobil's total capital investment in Alabama currently exceeds $3 billion and the company employs more than 200 people and thousands of contractors, and more than 200 retirees live in the state.
In other ExxonMobil news, the company received two high honors from the U.S. Department of the Interior's Minerals Management Service -- the 2003 Safe Operations and Accurate Reporting (SOAR) Award, and the 2003 Mineral Revenues Stewardship Award. Three ExxonMobil employees also were selected as winners of MMS's 2003 Corporate Leadership Awards.
The SOAR Award was given to ExxonMobil for the company's offshore operating performance and its fiscal responsibility. The MMS recognized ExxonMobil as one of the best performing "citizens" operating on the Outer Continental Shelf in terms of safety as well as fiscal management and reporting procedures.
The company said the amount is clearly contrary
"ExxonMobil's conduct was absolutely proper and lawful, and we look forward to the opportunity to present the facts of this case to the Alabama Supreme Court," said Stuart McGill, president of ExxonMobil Production Co.
Since production began at Mobile Bay, the company has paid more than $1 billion in royalty and lease payments directly to the state. ExxonMobil's total capital investment in Alabama currently exceeds $3 billion and the company employs more than 200 people and thousands of contractors, and more than 200 retirees live in the state.
In other ExxonMobil news, the company received two high honors from the U.S. Department of the Interior's Minerals Management Service -- the 2003 Safe Operations and Accurate Reporting (SOAR) Award, and the 2003 Mineral Revenues Stewardship Award. Three ExxonMobil employees also were selected as winners of MMS's 2003 Corporate Leadership Awards.
The SOAR Award was given to ExxonMobil for the company's offshore operating performance and its fiscal responsibility. The MMS recognized ExxonMobil as one of the best performing "citizens" operating on the Outer Continental Shelf in terms of safety as well as fiscal management and reporting procedures.
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- ExxonMobil Appeals to Alabama Supreme Court; Seeks to Reverse Largest Punitive Damages Award in State's History.
- Alabama Supreme Court Reverses $3.5 Billion Punitive Damage Verdict Against ExxonMobil in Mobile Bay Royalties Case; Orders New Trial.
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