https://www.cnbc.com/amp/2020/12/07/big-oil-laggard-exxon-faces-new-climate-threat-activist-investors.html
7 replies (most recent on top)
It's about time some forward thinking investors with enough power got XOM off its azz and into the 21st century, I hope they succeed...they will definitely get my votes. "Energy Outlook...fossil fuel for the next 50 years..blah..blah..blah" is bs and has been an excuse for XOM to keep doing the same thing for decades with the stale thinking of a 'O&G' company as opposed to the forward thinking of an 'energy' company. I am happy to be getting paid to leave such a place...but still need that share price to go up to claim final victory. Power to the shareholders!
“Goldman Sachs analysts issued a report earlier this year that estimated Exxon's returns on capital would be the lowest among its proxy peers. An analysis from energy consulting firm Wood Mackenzie over the summer found that ExxonMobil owned 60% of its peer group's lowest margin assets by production.”
Gets harder and harder to swallow the lie of having “the best portfolio in the industry”. No amount of PR can hide the failure of the management committee and the lack of oversight of the board.
Maybe this group is small now, but I fully expect Vanguard and BlackRock to get onboard. It’s a fiduciary duty question.
Ask our Guyana partner about Elliot Management. That activist investor completely changed them from an integrated company to strictly upstream, which led to more Brent/WTI price dependence.
Never thought it could happen, but the original downstream company Leon built became the Amerada whose name they dropped some years ago. Similarly, we could fall into activists and become all renewable and go out of business completely in a short time when the true remaining petroleum businesses soar.
I still like the toy trucks, even if they have little value or meaning anymore.
Nah not a threat, they didn’t even care about church of England’s divestment... more less calstrr
Would be curious what they heat their home with,, I expect it’s natural gas or fuel oil. I’m sure they have a thermostat these hedge fund folks, oil will be around for the foreseeable future.
Not worried at all. This management group can barely handle their oil and gas operations. No way they could make money in the low margin renewable energy industry.
Not worried.. we cannot even get rid of the biggest threat now.. DW..