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

by Christopher Freeburn | April 10, 2013 10:03 am

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

exxon sign at night 630 300x227 Exxon Mobil Fined $236M for Polluting N.H. Water[1]On Tuesday, a New Hampshire jury found Exxon Mobil (NYSE:XOM[2]) negligent for contaminating groundwater in the state and hit the oil giant with a hefty fine[3].

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[4] that contaminated a community in Maryland.

The company has been working to clean up an oil spill[5] at its Pegasus Pipeline in Mayflower, Ark., earlier this month.

Shares of Exxon slipped fractionally in Wednesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/10/exxon-sign-at-night-630.jpg
  2. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
  3. hit the oil giant with a hefty fine: http://www.bloomberg.com/news/2013-04-09/exxon-mobile-is-found-neligent-in-new-hampshire-mtbe-use.html
  4. damages relating to an underground gas leak: http://investorplace.com/2013/02/exxon-escapes-paying-1b-for-polluted-drinking-water/
  5. has been working to clean up an oil spill: http://investorplace.com/2013/04/arkansas-oil-spill-cleanup-continues/

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