Greenhouse Gas Emissions: Investor Coalition CURE Pushes Exxon to Do More

Svea Herbst-Bayliss
Wednesday, March 3, 2021

A coalition of investors that oversees $2.5 trillion in assets urged ExxonMobil on Wednesday to take bolder action to slash greenhouse gas emissions and make key governance changes.

The Coalition for a Responsible Exxon (CURE), which has 145 members, said the energy giant Exxon had taken steps in the "right direction" amid pressure from activist investors to cut costs, refresh its board and focus more on clean energy.

But the group said in a statement more work still lay ahead for one of the world's biggest oil and gas companies.

It said it wanted Exxon to commit to a deeper, long-term shift in capital allocation strategies to make its operations consistent with the Paris accord on tackling climate change.

The company should make additional changes to its board to "address fiduciary and climate concerns", as well as split the chairman and chief executive posts, the group said.

Exxon, one of America's most well-known brands, named three new directors in the last five weeks, steps the coalition said showed "that the company may intend to change".

Darren Woods, Exxon's chief executive and chairman, said on Wednesday the company was "committed to growing shareholder value by meeting the world's energy demands today and pursuing a technology-driven strategy to succeed through the energy transition."

Investment firms Engine No. 1 and D.E. Shaw have pressed for changes at Exxon for months. Engine No. 1 has pushed for the naming of directors with more energy industry expertise.

On Monday, Exxon named activist investor Jeffrey Ubben and former Comcast Chief Financial Officer Michael Angelakis as directors.

Exxon's share price has climbed 36% since January but the company also reported a $22 billion loss last year. 

(Reporting by Svea Herbst-Bayliss; Editing by Edmund Blair)

Categories: Energy Industry News Emissions Activity Decarbonization

Related Stories

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

SLB Names Raman CSO, CMO

Eco Wave Finds Partner for Wave Energy Project in India

Japan's Mitsui Eyes Alaska LNG Project

Santos Hires Weststar-GAP for Timor-Leste Offshore Helicopter Services

US Operator Finds Oil Offshore Vietnam

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Current News

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com