Business Notes Energy

Exxon has always done things in a big way. The nation's largest industrial company is No. 1 in sales, assets and energy production. The oil giant last week added an embarrassing new superlative: the largest fine. A special three- judge federal court of appeals ruled unanimously that Exxon must pay the U.S. Treasury $2 billion for overpricing oil produced between 1975 and 1981 near Tyler, Texas. The ruling, which upholds a 1983 district court decision, represents what is thought to be the largest monetary judgment ever levied against a corporation.

The complex case stems from regulations imposed by the Nixon Administration that allowed companies to charge more for certain oil produced after 1972 than for petroleum pumped from wells operating before that date. The Energy Department accused Exxon of reaping windfall profits by improperly charging the higher prices for the Texas oil.

Exxon intends to appeal the ruling. In addition, the company wants some help on the payment. Since Exxon had only a two-thirds interest in the disputed oil field, it is considering suing the 2,500 companies and individuals who hold the rest in order to force them to pay one-third of the fine.