Fishdog, do you really think Chevron and Exxon spent all those millions on getting the rights to JDZ Block #1 and they don't know if oil is there? Surely you are kidding? Of course they know there is oil in Block #1. US Oil companies have been in Nigeria and GOG for may years..... they know exactly what is there.
As for investors and others being upset with Exxon, you might want to read the article below. Exxon gave their retiring CEO a $400M dollar retirement package. I don't think they really care what other folks think......
ND9
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Senator rips ex Exxon CEO's retirement package
By Tom Doggett | April 18, 2006
WASHINGTON (Reuters) - Amid record oil prices and soaring gasoline costs, Exxon Mobil's $400 million retirement package to its former CEO is a "shameful display of greed" that should be reviewed by Congress and investigated by federal regulators, Democratic Sen. Byron Dorgan said on Tuesday.
Dorgan said he wants Exxon Mobil officials to appear at a Senate Commerce Committee hearing to explain how the corporation "justifies" giving its former boss, Lee Raymond, such a huge retirement package.
He also said the Securities and Exchange Commission should investigate the deal that "appears to shortchange" shareholders.
"There can be no more compelling evidence that the price gouging and market manipulation which has produced record oil prices is out of control, and is working to serve the forces of individual greed and corporate gluttony at the painful expense of millions of American consumers," Dorgan said.
Dorgan's criticism of Raymond's financial package came on the same day that U.S. crude oil prices hit a record high of more than $71 a barrel at the New York Mercantile Exchange.
Higher crude oil prices are helping to push of up gasoline costs. The Energy Department reported prices jumped 10 cents over the last week to a national average of $2.78 a gallon, up 55 cents from a year ago.
President George W. Bush said on Tuesday he was "concerned" about the impact high gasoline prices were having on families and businesses.
Exxon earned the wrath of many lawmakers when it reported more than $36 billion in profits last year as energy prices paid by consumers soared.
Dorgan said he will push to win passage of his legislation that would impose a windfall profits tax on big oil companies and rebate that money to consumers, unless the companies used their earnings to explore for and produce more energy.
"I think a sensible public policy would insist that the big oil companies either invest those windfall profits in things that will increase our own domestic energy supplies, or we should return some of that money to consumers," Dorgan said.
"Using them to drop $400 million dollars in the pocket of a big oil executive is simply unacceptable," he added.
Exxon Mobil has defended Raymond's retirement package, saying it was pegged to the rise in the company's profit and market capitalization that occurred during his tenure.
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AI
