Summary by Futu AI
Exxon Mobil, one of the world's leading oil and gas companies, has recently concluded a legal matter concerning environmental issues. The case involved the State of Texas filing a lawsuit against Exxon Mobil Oil Corporation (EMOC), a subsidiary of Exxon Mobil, alleging unauthorized emissions events at EMOC's Beaumont Refinery in Texas from 2017 to 2020. The lawsuit sought penalties and injunctive relief for the alleged violations. In September 2023, both parties reached a settlement agreement, which required EMOC to pay $1.6 million to the State of Texas. This settlement was pending approval by the 98th Judicial District Court of Travis County, Texas. Subsequently, in November 2023, the court approved the settlement, and Exxon Mobil complied with the agreement by paying the stipulated amount in December 2023. This resolution concludes the legal proceedings detailed in the corporation's Form 10-Q for the third quarter of 2023 and further elaborated in 'Note 16: Litigation and Other Contingencies' of the Financial Section of Exxon Mobil's report.