ExxonMobil and Interior Secretary Ken Salazar have reached a settlement over the Department of the Interior's decision to cancel Gulf of Mexico leases that could produce "billions of barrels of oil," according to the company. Exxon this past year challenged the department's ruling for the leases. The agreement "will allow ExxonMobil to develop this very large, but technically challenging, resource as quickly as possible using a phased approach," Exxon spokesman Patrick McGinn said.

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