36.3 F
Fort Worth
Friday, December 4, 2020
Energy Donald Trump pick for secretary of state reaches $180 million payout deal...

Donald Trump pick for secretary of state reaches $180 million payout deal with Exxon

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...

Former Exxon Mobil chief Rex Tillerson has reached a retirement deal with the oil giant worth about $180 million that would sever his ties with the company if he is confirmed as Donald Trump’s secretary of state.

Under a deal reached with Exxon’s board of directors, the value of roughly 2 million deferred Exxon Mobil shares that Tillerson would have received over the next decade would be placed in an independently managed trust account, the company said in a statement late Tuesday.

The arrangement, which Exxon said was struck in consultation with federal regulators, may address some concerns raised by congressional Democrats over the longtime energy executive’s financial ties to a company with business operations across the globe. But the Exxon deal does not appear to resolve additional concerns over the breadth of financial information, including full tax returns, sought by Congress ahead of a confirmation hearing tentatively scheduled for next week.

Tillerson’s extensive business ties to world leaders, including Russian President Vladimir Putin, are expected to be a focus of the hearing.

The proposed trust cannot hold Exxon stock, and Tillerson has committed to selling the more than 600,000 Exxon shares he owns, the company said. He also agreed not to work in the oil and gas industry for 10 years.

He would give up cash bonuses and other benefits worth about $7 million, Exxon said.

Tillerson retired a Exxon’s chief executive on Dec. 31, weeks after he was announced as Trump’s dark horse pick to become the country’s top diplomat.


Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Gov. Greg Abbott tells supporters he’s considering placing law enforcement for central Austin under state control

In his latest move in a political fight against Austin over police funding, Gov. Greg Abbott says he is considering a proposal to put...

Joaquin Castro loses bid to lead U.S. House Foreign Affairs Committee

U.S. Rep. Joaquin Castro came up short Thursday in his bid to become chairman of the House Foreign Affairs Committee. He lost to U.S. Rep....

Biden, top Democrats swing behind bipartisan virus aid bill

By ANDREW TAYLOR Associated PressWASHINGTON (AP) — President-elect Joe Biden swung behind a bipartisan COVID-19 relief effort Wednesday and his top Capitol Hill allies...

Fort Worth announces plans to purchase Pier 1 Building for City Hall

Plans for a new City Hall for Fort Worth have been knocked around for years, maybe even decades. On Dec. 2, city officials announced...

U.S. Rep. Michael Burgess loses bid for GOP leadership position on key committee

U.S. Rep. Michael Burgess, R-Lewisville, conceded his bid to be the Republican leader on the House Energy and Commerce Committee on Wednesday. “I want to...