The requested resource (/media/wual/header/pb/header.html) is not available
Last updated 7:56PM ET
March 6, 2021
Alabama
Alabama
Alabama Gets $121.5 Million Payment from Exxon Mobil
(2008-02-01)
(APR - Alabama Public Radio ) - The state of Alabama has a 121.5 million dollar payment from Exxon Mobil, but it's not sure what to do with the money.

Todd Stacy is a spokesman for Governor Bob Riley. He said the governor's legal staff is reviewing whether all the money must go into a state savings account for natural gas royalties, called the Alabama Trust Fund, or whether part of it can go toward the state General Fund budget.

The state's attorneys filed court documents today showing the oil company had paid the state the amount a judge ruled was due from litigation over royalties from natural gas wells drilled in state-owned waters.

Stacy said state law is clear that the compensatory damages must be saved in the Alabama Trust Fund. But the governor's legal staff is looking at whether the interest goes into the trust fund or the General Fund, where it can be spent on state operations.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
© Copyright 2021, APR - Alabama Public Radio