Exxon Mobil | featured news

Investors were relieved to see Abu Dhabi's $10 billion rescue of Dubai, while acquisition plans announced by Exxon Mobil helped lift the energy sector.

Though it has resisted the slump better than most oil companies, Exxon’s profit fell 68 percent in the quarter.

A federal appeals court on Monday ordered Exxon Mobil Corp to pay $507.5 million in punitive damages stemming from the 1989 Exxon Valdez oil spill off Alaska, plus 5.9 percent interest running from the 1996 trial judgment, the opinion said.

Exxon Mobil, the world's largest oil company, has posted a sharp fall in quarterly profits as the price of oil dropped from its peak.

Bentonville, Ark.-based Wal-Mart had held the top spot for six of the last seven years but fell to No. 2 this year.

A strike by some 24,000 refinery workers was averted, at least for now, as both sides agreed to extend negotiations for at least 24 hours.

Hit by falling oil prices, Exxon Mobil reported a 33% drop in quarterly profit Friday, but its annual profit of $45.22 billion set a record for any U.S. company.