Friday, April 1, 2011

Exxon (XOM), Imperial (IMO) Sues Over Kearl Oilfields Transportation

Exxon Mobil (NYSE:XOM) and Imperial Oil (NYSE:IMO) have been sued again over the proposed Kearl Module Transport Project, this time by several environmental groups and Missoula County in Montana.

Suing the companies were the National Wildlife Federation, the Montana Environmental Information Center and the Montana Chapter of the Sierra Club.

The complaint was filed before Judge John Larson in Missoula County District Court.

Also being sued is the Montana Department of Transportation with the purpose of forcing them to stop the transportation initiative.

The complaint alleged that the Montana Department of Transportation
issued an environmental assessment and finding of no significant impacts on February 7 "without adequately identifying and analyzing all relevant impacts of the project and without analyzing a reasonable range of alternatives as required by the Montana Environmental Policy Act."

In other words, these radical groups are suing because they don't like the conclusions.

Imperial was trading at $52.74, gaining $1.67, or 3.27 percent, as of 2:55 PM EDT. Exxon Mobil was trading at $84.60, up $0.47, or 0.56 percent.

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