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After activists board members elected, Exxon reconsidering it's investment strategy
Posted on 10/20/21 at 5:41 pm
Posted on 10/20/21 at 5:41 pm
quote:
LINK
ExxonMobil’s remade board of directors is debating whether to continue with several major oil and gas projects as the company reconsiders its investment strategy in a fast-changing energy landscape, The Wall Street Journal reports.
Members of the board—which includes three directors successfully nominated by an activist investor in May and two other new members—have expressed concerns about certain projects, including a $30 billion liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam. Unknown is how this could impact the company’s Baton Rouge-area operations.
Exxon board members are weighing the fate of future projects as the company is facing pressure from investors to restrain fossil-fuel investment to limit carbon emissions and return more cash to shareholders. Environmentalists and some government officials are also pressuring the company to produce less oil and gas.
The company is thinking of abandoning its largest oil and gas projects.
19
Posted on 10/20/21 at 5:51 pm to goofball
Bizarre. How do activists get elected to a board like this? Seems counterproductive to an energy company based in oil and gas.
Posted on 10/20/21 at 5:52 pm to MikeD
quote:
Bizarre. How do activists get elected to a board like this? Seems counterproductive to an energy company based in oil and gas.
Activist investors buy enough shares of the company when the price is low and elect nutcases to the board.
Posted on 10/20/21 at 5:59 pm to goofball
This is going to be a legitimate version of go woke, go broke. These idiots are going to actually break this company. 
Posted on 10/20/21 at 6:07 pm to MikeD
quote:
Bizarre. How do activists get elected to a board like this? Seems counterproductive to an energy company based in oil and gas.
Money and politics
Posted on 10/20/21 at 6:08 pm to goofball
quote:
return more cash to shareholders
Beyond all of the activist strategy talk, this is the key. They don’t care about anything but producing cash. This is happening all over the energy industry right now with much of it being promoted as “green investment”. It’s really about siphoning off money from and industry that has over-consumed capital.
This post was edited on 10/20/21 at 6:09 pm
Posted on 10/20/21 at 6:09 pm to MikeD
Activist investor doesn't usually have anything to do with environmental activism
Posted on 10/20/21 at 6:12 pm to goofball
Let’s be all inclusive. Don’t you see Lions and gazelles hugging it out on the African Serengeti?
Posted on 10/20/21 at 6:12 pm to goofball
I think they only installed 2 left wing climate members to the board of 12.
Posted on 10/20/21 at 6:14 pm to goofball
quote:
Activist investors buy enough shares of the company when the price is low and elect nutcases to the board.
this ^^^^^^
then after the insurgents are installed they sell the stock at profit knowing the saboteurs are about to bankrupt the company by shutting down its most lucrative stuff
Posted on 10/20/21 at 6:14 pm to goofball
BP (which is now "Beyond Petroleum", by the way) says welcome to the club.
Posted on 10/20/21 at 6:19 pm to BlackCoffeeKid
Shell is probably worse than both Exxon and BP with racing to go green.
Posted on 10/20/21 at 6:19 pm to BlackCoffeeKid
quote:
BP (which is now "Beyond Petroleum", by the way) says welcome to the club.
I'm all for alternative energy sources that make sense but we'll still be drilling for oil in 100 years
Posted on 10/20/21 at 6:20 pm to goofball
I’d bet Vietnam and Mozambique both still happen.
Posted on 10/20/21 at 6:24 pm to goofball
quote:
three directors successfully nominated by an activist investor
This is going on all over and in many nefarious ways.
Google "ESG"
Posted on 10/20/21 at 6:25 pm to Gravitiger
quote:It does now.
Activist investor doesn't usually have anything to do with environmental activism
Posted on 10/20/21 at 6:27 pm to goofball
Posted on 10/20/21 at 6:27 pm to Havoc
Hence the usually
Posted on 10/20/21 at 6:36 pm to fallguy_1978
quote:
I'm all for alternative energy sources that make sense but we'll still be drilling for oil in 100 years
anyone who says Shell, XOM, and/or BP will be completely switching to “renewable energy” in our lifetimes, doesn’t know shite about the O&G industry and how much humans consume is derived from the petrochemicals they produce.
Posted on 10/20/21 at 6:42 pm to MikeD
quote:In finance, activist investing usually refers to hedge fund guys like Carl Icahn or Charlie Ackman that buy enough shares to influence the company, not SJWs. In this case, I could be wrong.
Bizarre. How do activists get elected to a board like this? Seems counterproductive to an energy company based in oil and gas.
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