Peak Oil News and Message Boards

Exxon shareholders approve climate impact report in win for activists

https://www.reuters.com/article/us-exxo ... SKBN18R0DC

"This is an unprecedented victory for investors in the fight to ensure a smooth transition to a low carbon economy,” New York State Comptroller Thomas DiNapoli, who spearheaded the proposal, said in a statement."

Obviously the vote will have no impact on a "transition to a low carbon economy" by XOM or any other petroleum company. How could it? It doesn't matter what XOM publishes about climate change. It is spending many tens of $BILLIONS today to increase its capacity to produce even more fossil fuel products. Such as the $10 BILLION cracker (the largest in the world) it just approved in south Texas that will supply the world market with even more fossil fuel components to make plastic and other petrochemical products the consumers are demanding.

It was the big funds (incl funds state govt's invest in) that pushed the vote for PR gains. It would have much more impressive if those environmentally concerned investors had voted to have XOM reduce its activities. But that would have decreased the value of their investments, of course.

But an excellent PR move: in the 24 hours since the vote the value of the stock owned by the shareholders increased $1.9 BILLION. Think how much more it will gain as it continues to expand its hydrocarbon production.

I don't know about the rest here but this one environmentally conscious XOM shareholder is very pleased with the vote. The stock had already increased 10% since the Rockman bought in back in 2015. And that's on top of the 3.6% dividend yield he's gotten. LOL

It's just great to share that warm green feeling with New York State Comptroller Thomas DiNapoli. LOL.

Yep, THAT warm feeling ain't nothing yet...wait till you get hit with the REAL McCoy brother....Exxon-Mobile can take cover in now claiming full disclosure against Lawsuits against hat are sure coming in the near future!
Rex Tillerson already cover his backside in a public forum....claiming there will be Warming due to what we are doing....just going have to adapt...
Well, fellas, dont forget to pick up that TAB of costly adaptations while counting all those profits you made KNOWINGLY about the negative damages you caused!
LOL

Ya gotta give credit to the Statoil PR department for a wild sense of humor. Press release yesterday:

"Statoil has pledged support for the Paris Agreement in the wake of its latest Energy Perspectives report. “We believe that being able to produce oil and gas with lower emissions, while also growing in profitable renewables, will give competitive advantages and provide attractive business opportunities in the transition to a low carbon economy,” Statoil’s CEO, Eldar Sætre, said in a company statement. The news follows US President Donald Trump’s decision to withdraw from the climate accord in order to seek a better deal."

And for those not familiar with this large international fossil fuel producing company:

"Statoil is a Norwegian multinational oil and gas company headquartered in Stavanger, Norway. It is a fully integrated petroleum company with operations in thirty-six countries. By revenue, Statoil is ranked as the world's eleventh largest oil and gas company and the twenty-sixth largest company, regardless of industry, by profit in the world. The company has about 23,000 employees."

With the support of one of the most profitable fossil fuel producing company on the planet how could the goals of the Paris Accord not be reached? LOL.

Did Exxon lie to its investors as well as the public?

http://www.latimes.com/opinion/op-ed/la ... story.html