Looks Like Exxon in Trouble with Its Investors

[SMAlset]

Apparently Exxon’s activist investors are demanding changes in the company after continuing poor corporate results. Not surprising but sounds like the voices for change are getting more power and momentum behind them. I’ve been surprised Exxon and others haven’t started including at least one or two fast charging stalls in their company owned gas stations instead of letting others get a foothold on that revenue generating space.

from CNN today:
Exxon is in crisis. Angry shareholders are rebelling - CNN

 

[Schumpeter]

Funny how Exxon is really ignoring EV while some other oil majors like Shell, BP and Total are at least trying something. Wouldnt call it completely embracing it, but still...

 

[TheTalkingMule]

Shell, BP, and Total aren't doing anything either, they're just talking. XOM doesn't have as much incentive to talk about 10 year out "green plans" because the bonds and subsidies these companies need are almost entirely in Europe. That's the difference.

This may change now that the US Energy Secretary appears to be someone willing to throw billions at a transition that doesn't really need subsidies. You may see XOM change their tone real quick if the US starts making subsidies available to ICE carmakers and oil companies who "have transition plans".