“The cost of getting things done is astronomically higher for oil and gas than for the greener projects,” he said. “In the longer term it’s bullish for prices, as not enough investment is going into the areas where it should be.”
Engine No. 1
The executive who led Engine No. 1’s campaign to overhaul the board of Exxon Mobil is leaving the firm.
Chevron has today set out plans to adapt to the energy transition through the investment of more cash in new low carbon sources.
ExxonMobil’s chief executive Darren Woods says the company is “deeply apologetic” over comments caught on camera in a secret filming by Greenpeace that show one of the oil giant’s lobbyists saying a carbon tax the company has promoted for years is unlikely to happen.
A wealth management firm has said it is “sceptical” that Engine No.1 can take “all of the credit” for the share price performance of ExxonMobil.
ExxonMobil activist investor Engine No. 1 expanded its presence on the oil giant’s board to three seats, according to preliminary vote tallies, cementing a victory that has reverberated across the energy industry.
Proposed new regulations signal that the Indonesian government appears to have recognised the importance of supporting carbon capture and storage (CCS) schemes. Such regulations will be crucial to encourage major companies, such as BP and Repsol, to invest in significant new upstream production in Indonesia.
The activist investor who just scored a major victory at ExxonMobil this week says he learned a key lesson he brought to the boardroom battle from a failed coal mine he tried to launch in the mid-2000s.
ExxonMobil CEO Darren Woods was dealt a stunning defeat by shareholders when a tiny activist investment firm snagged at least two board seats and promised to push the crude driller to diversify beyond oil and fight climate change.
An unprecedented fight over who should sit on the board of ExxonMobil is turning into a referendum on chief executive Darren Woods as a decades-long struggle by climate campaigners comes to a head.
Exxon Mobil said proposals put forth by an activist investor pushing for changes at the oil giant threaten future cash flows and the sustainability of its dividend.
Engine No. 1 has launched a campaign taking ExxonMobil to task on its performance and raising the possibility of a move into new energies.