Exxon Mobil Corp. (XOM) has offered to buy the homes of residents of a Mayflower, Ark., neighborhood where a pipeline ruptured last month spilling thousands of barrels of oil.
The offer is part of a compensation package that includes a $10,000 payment for each household to cover "disruption and inconvenience," as well as payment of cleaning and landscaping costs, moving expenses and rent.
The move is part of Exxon's response to the rupture of the Pegasus pipeline, which on March 29 spilled an estimated 5,000 barrels of oil into streets and yards of this tranquil community. Crews were still at work this week cleaning some areas and the Arkansas Department of Health said Wednesday that none of the residents of 22 evacuated homes have yet returned.
Under the deal put forward by Exxon Tuesday, owners of the 11 homes "directly impacted" by the spill can sell their property to Exxon within the next three years at prices determined by appraisers approved by the U.S. Department of Housing and Urban Development. The company also agreed to buy other homes in the neighborhood if no buyers come forward or of the spill affects the sale price.
For residents who decide to stay in the neighborhood, Exxon said it would make a one-time payment for any reduction in property value in the next three years.
At least the gods realize when they screw up.
