By David Lee Smith February 26, 2008
Most investors know that ExxonMobil (NYSE: XOM) is the world’s highest-valued company by market cap. But few likely appreciate the three-ring circus of litigation, legislation, and negotiation the company must currently endure.
For starters, Exxon’s embroiled in negotiations and other legal maneuvering relating to its pullout from Venezuela. Exxon left after the Chavez regime put the screws to the oil company and several competitors operating in the region, including Chevron (NYSE: CVX), Total (NYSE: TOT), and ConocoPhillips (NYSE: COP). Exxon is pursuing international arbitration, and it recently acquired court orders freezing as much as $12 billion in assets of PDVSA, Venezuela’s national oil company.
It now appears that PDVSA has offered to swap its half-interest in a Chalmette, La., refinery for a settlement of the dispute. The other interest in the 183,000-barrel-per-day facility is owned by none other than Exxon.
At the same time, a judge in the U.K. will begin hearings later this week on a PDVSA motion that the asset freeze be removed. The Venezuelan company contends that the UK courts lacked the authority to issue such a ruling in the first place. The judge in this case could rule as early as next week.
Meanwhile, on Wednesday, the U.S. Supreme Court will finally hear arguments involving the oil spill that occurred almost 19 years ago, when the tanker Exxon Valdez ran aground in Alaska’s Prince William Sound. At stake is a $2.5 billion judgment against the company relating to the environmental mishap.
Finally, Exxon, Conoco, and BP (NYSE: BP), among others, are contesting Alaska Governor Sarah Palin. After leading a successful effort to increase oil production taxes, Palin is attempting to push through a state-backed natural gas pipeline project. The pipeline would be constructed without the backing or support of the oil companies.
What do these events have to do with investments? Lots. They indicate yet again that, along with their increasing technological challenges, oil and gas operations require progressively larger amounts of legal and political dexterity. For my money, Exxon’s well-positioned to compete effectively on both fronts.
http://www.fool.com/investing/dividends-income/2008/02/26/exxon-gets-its-days-in-court.aspx
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
