"A Board that has underperformed this dramatically and defied shareholder sentiment for this long has not earned the right to choose its own new members or pack itself in the face of calls for change,"
10 replies (most recent on top)
@1jid+19dVRofp I agree with their statement. This is a major communication point and complaint on this site.
XOM did poor planning two decades ago which had the company far behind now. Looks like they are continuing to do the same. Repeat.
@lzl+19dVRofp
If you really work for the company, go find a geologist to explain to you what has happened to the Earth since the Pleistocene. And yes I realize their are a handful of granola geologists with Biden bumper stickers on their cars in the parking garage that forgot their lessons in interglacial cycles, conveniently.
@1sog+19dVRofp
Easy, you have $500 billion in investments in alternative energy, so you use a Trojan horse of $1 billion to get in the gate to destroy the person you can’t compete with.
1noz+19dVRofp
Explain how destroying a company (and their shares and money invested in the company) helps them line their own pickets.
Engine No 1 will destroy the company. Their motives are not to help the employees. They are only looking to line their own pockets.
If you own even one of those XOM shares,
please Vote when Owner Papers come.
Here's take from the sensibles (we're a 'Technology' dividend company still).
AP Wire:
XOM believes technology can address climate change and save the oil/gas business at the same time.
However, one of the company’s activist shareholders, investment firm Engine No. 1, said Exxon’s announcements don’t change the company’s long-term course “nor do they position it to succeed in a changing world.” The fund said Exxon is headed for decades of destroying shareholder value by assuming that oil and gas production will continue to grow even in the face of efforts to reduce climate change.
Last week, Engine No. 1 nominated four candidates for Exxon’s board of directors, which will be chosen in May.
More of the underwhelming qtrs are coming in the future. Get ready for another clean up.
It doesn't add up if you only read the headline and not the actual report. EM "lost" $20.1 billion primarily due to impairment of the XTO assets. Setting aside "specials" EM earned $100M or 3 cents per share. The "loss" was an earnings hit only, no cash impact, and was totally expected, so market pretty much ignored it, as expected.
XOM lost $20B this quarter, while the CEO said they will be cutting up to $6B a year in expenses by 2023. Somehow that math doesn't add up folks.
With incompetent managers like these, self-destruction is the more likely path.
The oil and gas industry is collapsing on its own stupidly, greed, disregard for science, and complacency.
The pile of lies can’t cover them anymore.
Stacking to battle the greenies who seek to destroy fossil fuel energy. Well done, DW!