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Exxon Mobil Fined $236M for Polluting N.H. Water

The company said it plans to appeal the verdict


exxon sign at night 630On Tuesday, a New Hampshire jury found Exxon Mobil (NYSE:XOM) negligent for contaminating groundwater in the state and hit the oil giant with a hefty fine.

New Hampshire sued Exxon ten years ago over the use of methyl tertiary butyl ether (MTBE), an additive used in gasoline responsible for polluting the environment. Exxon is facing a variety if lawsuits related to MTBE around the country, Bloomberg noted.

The jury awarded the state $236 million in damages, the third largest jury award against a corporation in the U.S. this year. The state contended that Exxon could have used other, less toxic additives in its fuel, noting that it would cost $816 million to repair the damage done by MTBE.

Exxon says it will appeal the verdict, arguing that the judge improperly denied the company the right to present certain evidence at trial.

In February, Exxon successfully appealed a $1.65 billion jury award for damages relating to an underground gas leak that contaminated a community in Maryland.

The company has been working to clean up an oil spill at its Pegasus Pipeline in Mayflower, Ark., earlier this month.

Shares of Exxon slipped fractionally in Wednesday morning trading.

Article printed from InvestorPlace Media,

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