Posted on 10/20/2021 8:00:36 AM PDT by Hojczyk
The discussions are taking place as part of a review of the oil company's five-year spending plan, on which the board is set to vote at the end of this month, the people said. It isn’t clear whether the board will make a final call on the Mozambique or Vietnam projects during the current review, according to the people.
As part of the review, Exxon is analyzing the expected carbon emissions from each project and how they would affect the company’s ability to meet pledges to reduce emissions, people familiar with the matter said. The annual projected emissions from the Mozambique and Vietnam projects were among the highest in Exxon’s planned pipeline of oil and gas projects, according to a pre-pandemic internal analysis by Exxon, which was reviewed by The Wall Street Journal.
Engine No. 1, the hedge fund that led a campaign that replaced three Exxon board members earlier this year, argued Exxon was investing in low-return projects and lacked a coherent strategy to chart a transition to lower-carbon fuels amid growing concerns about climate change.
The activist was successful in part because it was able to win support from some of the company’s largest investors, including BlackRock Inc. and Vanguard Group. The asset managers said one of the reasons they supported the Engine candidates was that Exxon’s board lacked energy expertise and independence.
(Excerpt) Read more at finance.yahoo.com ...
Well, I’d rather pump 100 barrels at $400 a barrel then 400 barrels at $100 a barrel.
So shareholders put greenies on the board...it is an oil company it is supposed to make money in the oil business???
You can read the whole article by going to the link on Yahoo..WSJ article
Yahoo promoting the activist agenda, as usual.
Maybe they should bring projects back to the US assuming one day we will wake up.
Nope. Screw you, me, the USA and the entire world with ultra-high prices and low supply.
“assuming one day we will wake up.”
...we’re plenty “woke”. Not near awake.
Bingo. That is the truth. Hedge funds — evil, stateless, globalists who couldn't give a damn about the USA.
Exxon will make money in the oil business until it makes better sense economically to make money in renewables. If it pays to go green, Exxon will go green. It’s that simple.
Exxon has had one of the safest dividends out there. We’ll see how long that lasts now.
Engine No. 1, a hedge fund just six months old, manages around $250 million in assets. It owns a meager 0.02% of ExxonMobil, the oil and gas giant that’s worth $250 billion.
Yet the hedge fund, instigating an activist campaign to turn ExxonMobil away from fossil fuels, managed to get two of its nominees elected to the ExxonMobil’s board on May 26—much against the company’s wishes. A third shareholder was declared elected a week later, after final votes were counted.
Looking back, it can almost seem as if Engine No. 1 was set up expressly to effect these changes in ExxonMobil’s board. Ever since it was founded in December, Engine No. 1 has been calling on ExxonMobil’s shareholders to “Reenergize Exxon”—the name of its campaign, complete with slick web site
This "hedge fund" has all the hallmarks of an insider, oligarch, leftist social-engineering political action group.
Amazing how they were able to take control of Exxon, isn't it?
Soros winks
Yeah, it’s such a good dividend payer ($3.48 a share). I hate to sell it.
Will have to keep a closer eye on it now since Greens ruin everything they touch.
I am sure that it would be interesting to see who are the principals in the hedge fund.
Rumors swirling that XOM will approve a healthy dividend increase beginning December. Aims to adjust for lack of dividend increases since 2019. We can hope...
“concerns about the new a hole board members”
That and just possibly because Joe Biden says “we are going to destroy the fossil fuel industry”?
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