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Settlement reached in damages from Exxon’s Yellowstone spill

Yellowstone River, oil spill, Montana

BILLINGS, Mont. (AP) — Exxon Mobil Corp. will pay $12 million for environmental damages caused by a pipeline break that spilled 63,000 gallons (238,474 liters) of crude into Montana’s Yellowstone River and prompted a national debate over lax pipeline safety rules, officials said Wednesday. The payment settles claims from the U.S. and state governments that the 2011 spill harmed natural ...

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Exxon reports smallest profit since 1999

Exxon's 2Q profit plunges 63 percent on lower oil prices

DALLAS (AP) — Lower oil prices continue to punish Exxon Mobil Corp., which reported its weakest quarterly profit in nearly 17 years. Exxon still earned $1.7 billion in the second quarter. It was, however, down 59 percent from a year ago, and per share income missed Wall Street expectations. The energy giant cited lower prices for oil and gas and ...

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Exxon, Chevron shareholders reject climate resolutions

Exxon annual meeting

DALLAS (AP) — Shareholders at Exxon Mobil and Chevron rejected resolutions backed by environmentalists that would have pushed the companies to take stronger stands in favor of limiting climate change. Environmentalists took solace, however, that some of their ideas gained considerable support. At Chevron Corp., a resolution asking for an annual report each year on how climate-change policies will affect ...

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Exxon and FuelCell to study capturing carbon emissions

Exxon, FuelCell Energy, carbon emissions

DALLAS (AP) — Exxon Mobil and FuelCell Energy say that they will jointly work on technology to reduce the cost of capturing carbon emissions from power plants. The companies will try to develop technology that uses carbonate fuel cells to generate power while capturing carbon dioxide, which scientists say is the most prevalent greenhouse gas responsible for climate change. It ...

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ExxonMobil loses AAA credit rating as debt increases

ExxonMobil loses AAA credit rating as debt increases

Standard & Poor stripped ExxonMobil of its AAA credit rating due to a plunge in oil prices and weak forecast. The Texas-based company was downgraded to an AA+ credit rating. The ratings agency cited “low commodity prices, high reinvestment requirements, and large dividend payments.” The decision comes as Exxon’s debt has increased substantially. “The company’s debt level has more than ...

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Oil industry cutting jobs, investment to offset lower prices

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. “It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley. The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant’s weakest quarter since 2002. The results ...

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Cheaper oil buoys consumers, hammers producers

DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil ...

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