Exxon is arguing that the $2.5 billion it owes for punitive damages for an oil spill in 1989 is excessive. Eleven million gallons of oil were spilled in Alaska's Prince William Sound when a tanker ran into a reef. A jury in 1994 awarded $5 billion in damages but that has since been cut in half by a federal appeals court.

The company argues that it should not be held responsible for the actions of the ship captain who violated clear company rules when the tanker ran aground carrying 53 million gallons of crude oil.

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