NH jury holds Exxon Mobil liable for $236 million in groundwater contamination case

Published on April 15, 2013 12:01 by Water Network Research, Official research team of The Water Network in Business

An order for Exxon Mobil to pay $236 million in damages for groundwater contamination is by far the largest verdict in state history but represents only about two days' worth of profit for the energy company, an industry analyst said.

Fadel Gheit, managing director of oil and gas research and a senior analyst at Oppenheimer & Co., said the verdict won't put a dent in Exxon Mobil's bottom line.

"Exxon will probably make close to a $40 billion profit this year," Gheit said. "That's two days' work."

He said it's no surprise that Exxon Mobil would take the state's 10-year-old contamination lawsuit to trial, saying the company "will make you sweat for every dollar you think you're going to get." Company leaders view it as a matter of principle, he said.

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