Officials from 19 Republican U.S. states urged major money managers on Thursday not to vote against ExxonMobil's directors at a meeting next week where some shareholders plan to voice their opposition to a lawsuit launched by the oil company against climate activists.
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The upcoming Exxon Mobil annual shareholder meeting on May 29 is drawing significant attention due to escalating tensions with several influential pension funds.
Norway's $1.6 trillion sovereign wealth fund said on Friday it will vote against the reappointment of U.S. oil giant Exxon's lead independent director, Joseph Hooley, due to the company's lawsuit targeting climate activist investors.
In the corporate world, efforts to oust board members by investors are a regular occurrence, to normally be expected when a company is experiencing hard financial times. But in a bit of irony, ExxonMobil ExxonMobil CEO Darren Woods and the company's lead independent director, Joseph Hooley, find themselves under attack from activist investors at a time when the company has achieved record profits, record stock performance, and record market capitalization after the just-completed $60 billion acquisition of Pioneer Natural Resources Pioneer Natural Resources.
An Exxon Mobil-led oil consortium will need to decide by October whether it will go ahead and develop a large natural gas find off the coast of Guyana, the country's vice president said on Thursday.
The California State Teachers' Retirement System has voted against the re-election of Exxon Chairman Darren Woods and of its Lead Director Joseph Hooley, an online record shows.
Sonatrach has signed an agreement with U.S. oil major Exxon Mobil to allow the study of opportunities to develop hydrocarbon resources in Algeria's Ahnet and Gourara basins, the state-owned Algerian oil and gas group said on Thursday.
Most energy stocks are up sharply this year, fueled partly by higher oil prices. Oil has helped producers like ExxonMobil and Diamondback Energy generate more cash to return to their shareholders.
A federal judge in Texas said Exxon Mobil's lawsuit to bar a climate change proposal from activist investor Arjuna Capital can proceed.
A U.S. judge on Wednesday allowed a lawsuit Exxon Mobil filed against two activist groups seeking to bar their climate resolution to go ahead against one of the two groups.
ExxonMobil (XOM) and Petronas celebrate another hydrocarbon discovery in Block 52 offshore Suriname, solidifying their foothold in the region's promising energy sector.