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Judge gives ExxonMobil a break on Valdez payout

Published: Friday December 22, 2006
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A federal judge has given petroleum giant ExxonMobil a break on its payout for the Valdez spill, according to a breaking report from the Associated Press.

The news agency is currently reporting that a federal appeals court has halved the $5 billion awarded by a jury to Alaskans and other parties to deal with the consequences of the spill. The spill dumped tens of millions of gallons of oil in the Prince William Sound, which spread all over Alaska's coastline.

In the third quarter of 2006, ExxonMobil reported earning about $20.5 billion in net income, and in the first nine months of 2006, it earned just under $30 billion.

AP's full story can be accessed at this link