Saturday, June 28, 2008

More From the Anchorage Daily News About the Exxon Valdez Punitive Damage Award. Not Mentioned: Exxon CEO Retired With $400 Million Package

ALASKA ALMANAC

For Exxon, delay was rewarding

$5 billion -- Amount the jury said Exxon should pay in punitive damages for its Alaska oil spill.

14 -- Years Exxon spent appealing the case before it was finally resolved.

50% -- Reduction in the jury award that Exxon won from the federal appeals court.

90% -- Reduction in the jury award that Exxon won from the U.S. Supreme Court.

$110 million -- Amount of the final award Exxon will pay to itself, thanks to a once-secret settlement of other spill claims with Seattle seafood processors.

1 year -- Time it would have taken Exxon to earn enough profit to cover the $5 billion award when it was handed down in 1994.

5 days -- Time it will take Exxon to earn enough profit to cover the final award set by the Supreme Court.

5.9% -- Annual interest rate Exxon will pay on the award covering the 14 years of appeals.

12% -- Minimum annual amount Exxon earned as it held onto the money due Alaskans during those 14 years.

$40 billion -- Exxon's profits in 2007.

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