Apr. 28, 2022 4:08 PM ET
Exxon Mobil Corporation (XOM)
By: Carl Surran, Seeking Alpha News Editor
California Attorney General's office said Thursday it issued a subpoena to Exxon Mobil (NYSE:XOM) and other fossil fuel and petrochemical companies seeking "information relating to the company's role in deceiving the public" about the impact of plastic pollution.
AG Rob Bonta is accusing the petrochemical industry of waging a campaign to persuade the public that recycling efforts could mitigate plastic waste issues, which he said the industry knew to be false.
"The vast majority of plastic cannot be recycled," Bonta said in a statement. "This first-of-its-kind investigation will examine the fossil fuel industry's role in creating and exacerbating the plastics pollution crisis - and what laws, if any, have been broken in the process."
Exxon (XOM) has invested billions of dollars in plastics and chemical manufacturing plants over the last decade and is one of the world's largest producers of virgin plastic.
Exxon Mobil (XOM) could generate $100B in excess cash flow during 2022-27, which could be utilized for shareholder capital return and deleveraging, The Value Pendulum writes in a bullish analysis posted on Seeking Alpha.