In the climate change era, if ExxonMobil is celebrating legislation, it’s a bad sign. So when the company’s CEO, Darren Woods, last week lauded Congress’s new climate spending bill, that was a warning not just about the specific “all-of-the-above” energy provisions in the bill, but also about our continued unwillingness to make binary choices, even when they are necessary. Choice avoidance is the Washington Consensus. Politicians seeking to simultaneously appease voters and their CEO donors routinely tell us we get to have our cake and eat it too. They insist we can have billionaires and shared prosperity, legalized corruption with democracy, lower inflation plus corporate profiteering, and a livable planet alongside a prosperous ExxonMobil.
The activist investor leading a proxy fight to reshape Exxon Mobil Corp on Monday named the four directors it wants shareholders to remove at the oil company’s upcoming annual general meeting. The investor, Engine No. 1, is a small fund that last year took on the top U.S. oil producer for what it said was poor financial returns and a lagging approach to cleaner fuels. Exxon since has vowed to cut its debt, invest more in low-carbon initiatives, and improve returns. The fund singled out for removal three former chief executives of prominent U.S. companies and the former head of Malaysia’s state-run oil firm who joined the board last month. Its nominees for the board include a former U.S. Energy Department official and an executive at a wind turbine developer-manufacturer.
Spending 92 years doing anything is an accomplishment, so let’s cheers to Exxon Mobil Corp., which spent more than nine decades as a member of the Dow Jones Industrial Average, pillaging the planet, lying about climate change, and making rich people even richer. Now, those days have come to an end. One of the biggest oil companies on Earth has hemorrhaged money this year, and now it’s been booted from the Dow Jones because it just isn’t the superpower it once was. I almost feel bad for Big Oil these days. Almost. The news of Exxon’s removal from the Dow Jones comes amid a pandemic that has absolutely crushed oil.
Washington, D.C.–Today, the United States Court of Appeals Tenth Circuit ruled that a case launched by Boulder County, San Miguel County, and the City of Boulder will proceed in state, rather than federal court. Marco Simons, General Counsel of EarthRights International, which is representing the municipalities in the case, issued the following statement in response: “We applaud today’s decision as an important step forward in our lawsuit against Suncor and Exxon. Federal courts have consistently ruled that these climate cases belong in state courts — which makes sense because these cases are about harms experienced at the local level. The Colorado state court has already begun considering this case, and today’s ruling means that the case will not be moved to federal court as the oil companies would prefer.
Over 100 students from Harvard Law School staged a public protest against a recruitment dinner hosted by law firm Paul Weiss on Wednesday night, calling for the company to cut ties with fossil fuel giant Exxon. In a statement, the demonstrators said they were taking action because of the severity of the climate crisis. "This is a do-or-die moment in human history," said student Aaron Regunberg, one of the action's leaders, in a statement. "We have just a few years left to rein in corporate polluters and address the climate crisis."
Telling their story before a Congressional committee for the first time, two former ExxonMobil scientists on Wednesday detailed how the oil giant turned its back on the research they did for the company 40 years ago on the looming threat of climate change. They gave their testimony in Washington, D.C., just as Exxon went on trial in New York on allegations that it misled investors about climate change risks, underscoring how political and legal risks have dovetailed for a corporate giant that for years tried to sow doubt about the risks of carbon emissions.
In sealed depositions, Mayflower residents describe illnesses, property damage and a smell that still haunts them. Some say they felt pressured to sign settlements. Melissa Hays never would have remembered the day of her humdrum outing at Harp's, a neighborhood grocery store in her hometown of Mayflower, Arkansas, had she not suddenly been overwhelmed by the noxious, chemical smell of oil. It was March 29, 2013. Few in Mayflower will ever forget it. As Hays ran her errands, ExxonMobil's Pegasus pipeline, which ran beneath this small town, burst without warning along a defective 22-foot seam...
NEW YORK, New York — In late 2013, ExxonMobil faced increasing pressure from investors to disclose more about the risks the company faced as governments began limiting greenhouse gas emissions. Of the many costs climate change will impose, oil companies face a particularly acute one: the demand for their product will have to shrink. For years, Exxon had been using something called a proxy cost of carbon to estimate what stricter climate policies might mean for its bottom line.
May 24th was a day of hard-earned celebration for Carlos Vecchio, the man tasked with leading the Trump administration’s coup attempt in Venezuela from the US capital. His face was largely obscured in the grainy Twitter video of the moment he and his gaggle leaned out of a third-story window and hoisted a brand new flag onto Venezuela’s former diplomatic mission in Washington DC, but Vecchio was clearly beaming as a small crowd of supporters cheered from below.
(Reuters) - The U.S. Supreme Court on Monday cleared the way for the attorney general of Massachusetts to obtain records from Exxon Mobil Corp to probe whether the oil company for decades concealed its knowledge of the role fossil fuels play in climate change. The justices declined to hear Exxon’s appeal of a ruling by the top court in Massachusetts holding that state Attorney General Maura Healey, a Democrat, had jurisdiction to seek records to probe whether the company misled consumers and investors. The high court’s action marked the latest setback for Exxon in its efforts to halt the Massachusetts investigation and a similar one by New York’s attorney general, who in October filed a lawsuit against the company.
A major indigenous group in the Argentine Patagonia is suing some of world's biggest oil and gas companies over illegal fracking waste dumps that put the "sensitive Patagonian environment," local wildlife and communities at risk, according to Greenpeace. The Mapuche Confederation of Neuquén filed a lawsuit against Exxon, French company Total and the Argentina-based Pan American Energy (which is partially owned by BP), AFP reported. Provincial authorities and a local fracking waste treatment company called Treater Neuquén S.A. were also named in the suit. The Mapuche accused the companies of contaminating the environment with "dangerous waste" due to "deficient treatment" close to the town of Añelo, according to AFP.
ExxonMobil, the $78 billion fossil fuel giant, has been lying to its shareholders about the threats of climate change, according to New York Attorney General, Barbara Underwood, following a multi-year investigation. The New York state lawsuit, filed Wednesday, accuses Exxon of a “longstanding fraudulent scheme” to mislead investors on “the company’s management of the risks posed to its business by climate change regulation,” according to The New York Times. Citing messaging to the public that was inconsistent with internal practices, Underwood brought the lawsuit under the Martin Act, which empowers her to investigate and prosecute securities fraud.
In Boulder, Colorado, climate change means extreme weather and wildfires. It means worrying about water security for people and farms, and about heat waves and mosquito-borne diseases. These aren't just future risks—they're problems the city and its surrounding county are facing now. On Tuesday, the city and Boulder County joined San Miguel County, home to the ski slopes of Telluride, in suing two fossil fuel companies—ExxonMobil and Suncor—over the costs of dealing with climate change. Their lawsuit is the latest in a string of legal actions by communities that are attempting to hold fossil fuel companies accountable for the problems climate change creates. Until now, the plaintiffs had been coastal cities and counties worried primarily about sea level rise.
With a sharp rebuke, a federal judge on Thursday rejected Exxon's attempt to shut down two state investigations into whether the oil giant misled investors for years about the risks of climate change. U.S. District Court Judge Valerie Caproni dismissed Exxon's complaint with prejudice, meaning the company can't refile it. In the first line of her ruling, the judge describe Exxon's actions as "running roughshod over the adage that the best defense is a good offense."
Scores of investor-activists have sought to force Exxon—along with the entire global industry—to change its ways for nearly three decades. They welcomed the news regarding Exxon Mobil's upcoming climate change risk report. But this change of course did not surprise all of them because it occurred three days before the deadline for shareholders to submit resolutions to be voted on at its 2018 annual meeting. Exxon Mobil's latest move may prevent another episode like what happened in May, when some 62 percent of the company's shareholders—including the massive Vanguard mutual fund company—voted in favor of a resolution demanding that it publicly state how climate change is affecting its operations and bottom line.