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Late last year, when the fate of the reflation trade and the price of oil was still unclear, Exxon made the only decision that it could in order to preserve its dividend: it announced that it would cut 14,000 jobs worldwide by 2022, or about 20% of its workforce, and it would extend reductions well beyond that original time frame. The cost savings would go to fund the one thing the once world’s largest corporation was best known for – its generous dividend, which at one point last year yielded about 10% (it has since shrunk to 5.6%). Fast forward...

The left exploits the Green Revolution to further its ecological agenda of destroying the present economic system. Its special target has long been Big Oil, which plays a dominant role in the global economy. Bolstered by the support of Big Media, Green activists are trying hard to bring the present system down. The Greens’ relentless war on oil and gas usually involves a battle of data and reports. For decades, the left has presented the inconvenient truth of dire hockey-stick-graph predictions that are constantly pushed back when doomsday fails to arrive. The oil companies defend themselves by pointing to their...

Things are changing in America and you either go with the flow or get left behind. Exxon Mobile Corporation had a board election yesterday and at least two “rebels” were elected. These rebels aren’t members of the downtrodden masses. They were put forward by a hedge fund, Engine 1, in an effort to force Exxon to address climate change. By the end of the day, Exxon had been shaken to its foundation — a foundation laid by John D. Rockefeller in the 19th century. Exxon CEO Darren Woods’ days may be numbered. Woods made the proxy fight the most expensive...

WASHINGTON (Reuters) -The head of a major U.S. business group that represents 14,000 companies including Exxon Mobil Corp, Pfizer Inc and Toyota Motor Corp urged senior U.S. officials to consider removing President Donald Trump from office after supporters of the outgoing president stormed the U.S. Capitol. National Association of Manufacturers President and CEO Jay Timmons said Trump “incited violence in an attempt to retain power, and any elected leader defending him is violating their oath to the Constitution and rejecting democracy in favor of anarchy.... Vice President (Mike) Pence, who was evacuated from the Capitol, should seriously consider working with...

The silver shimmer of Silicon Valley is replacing the oil slicks that once gilded the Dow Jones Industrial Average (DJIA) in black gold. That silver shimmer is Salesforce.com, and it's replacing the longest-tenured DJIA component: ExxonMobil (NYSE:XOM), effective Aug. 31. Exxon's removal adds another red flag to a series of headwinds that have pushed its shares down over 40% for the year. Is there more pain ahead, or is there reason to believe Exxon can turn it around? The fall of ExxonMobil Going back a few years further to 2007, Exxon was the largest company by market capitalization. Limited supply...

Joe Biden has named his 2020 running mate: authoritarianism. American prosecutors wield awesome and terrible powers that lend themselves easily to abuse, and Senator Kamala Harris, formerly the attorney general of California, is an enthusiastic abuser of them. Harris was a leader in the junta of Democratic state attorneys general that attempted to criminalize dissent in the matter of global warming, using her office’s investigatory powers to target and harass non-profit policy groups while she and her counterpart in New York attempted to shake down Exxon on phony fraud cases. Until she was stopped by a federal court, Harris was...

Exxon lost $1.1 billion in the second quarter, its economic pain deepening as the pandemic kept households on lockdown, diminishing the need for oil around the world. The Irving, Texas-based oil giant brought in $32.6 billion in revenue during the second quarter, less than half of what it brought in at the same time last year. The quarter was one of the worst on record for the oil industry. The price of a barrel of benchmark U.S. crude fell below $0 in April, a stunning downfall that had not before been seen in the industry.

Twenty-six years ago, Morgan Stanley hired Marilyn Booker as their first diversity director, charged with overseeing corporate efforts from the firm’s New York City headquarters, a 685-foot, glass, Times Square skyscraper. Ten years ago, Booker left that post to work in their financial wealth management division. Seven months ago, Booker was fired.But that was before video aired of George Floyd’s death, and spreading, national protests escalated into riots, violence, church burning, monument defacing, and occupations. How quickly things change. Now Booker is leading a group of black women in suing the company that employed her for a quarter-century, charging that...

SINGAPORE (Reuters) - Exxon Mobil Corp (XOM.N) kicked off construction on Wednesday of its $10 billion petrochemical complex in south Chinese city Huizhou, state news agency Xinhua reported. The complex, which consists of a 1.6 million tonnes per year ethylene facility, is one of the few mega petrochemical projects in China wholly owned by a foreign investor.

Exxon Mobil Corp kicked off construction on Wednesday of its $10 billion petrochemical complex in south Chinese city Huizhou, state news agency Xinhua reported. The complex, which consists of a 1.6 million tonnes per year ethylene facility, is one of the few mega petrochemical projects in China wholly owned by a foreign investor.

Exxon Mobil plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand. The price of a barrel of oil has fallen more than 20% since the start of the year, and 8% in the last month, with energy demand expected to shrink as the outbreak drags on the global economy. Exxon will reduce the number of rigs in the Permian basin, a region that stretches across the border of New Mexico and Texas. Capital expenditures include expenses such as drilling and...

Michael Bloomberg said he came to the UN climate talks in Madrid because President Trump wouldn’t.........Bloomberg had a whirlwind tour Tuesday of the UN Conference of the Parties meeting, where countries are hammering out the last few aspects of the rules to implement the Paris climate agreement. The global climate talks come just a month after Trump submitted formal documentation for the United States to withdraw from the global climate pact. The White House sent no political officials — only a small team of career negotiators from the State Department, the Environmental Protection Agency, the Department of Agriculture, and other...

ExxonMobil won a first-of-its-kind climate change fraud trial on Tuesday as a 'judge rejected the state of New York's claim' that the oil and gas giant misled investors in accounting for the financial risks of global warming. New York alleged that Exxon underrepresented the potential future costs to its business of climate regulations, deceiving investors about their true financial exposure. “The office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,” Ostrager wrote... Exxon celebrated the ruling, saying...

It seems the prosecutors feared it would just be too humiliating to admit they had nothing, and hoped they’d somehow stumble on . . . something. Still, Thursday’s final retreat, dropping most charges at the very end, was a shocker. It left the judge dismissing those charges “with prejudice,” so the state can never refile them. And Exxon’s infuriated lawyers say those claims “have cost in many respects the most severe reputation harm to the company and to the executives,” so they want still stronger sanctions. Judge Ostrager has 30 days to issue a decision. The prosecutors are surely praying he’ll find...

A New York state judge on Tuesday exonerated oil giant ExxonMobil from charges of fraud. New York Attorney General Letitia James accused the company of using two different accounting methods when making projections about business costs in countries that were implementing policies to fight climate change, The Wall Street Journal reports, which, the attorney general asserted, cost shareholders up to $1.6 billion. However, New York State Supreme Court Justice Barry Ostrager said that James's office failed to prove that ExxonMobil violated antifraud laws such as the Martin Act. “The Office of the Attorney General failed to prove, by a preponderance...

A New York state judge found Exxon Mobil Corp. not guilty of fraud, saying Tuesday that the New York state attorney general had failed to establish the oil giant had deceived its investors about how it accounted for the cost of future climate-change regulations. The verdict, which capped a nearly three-week civil trial between Exxon and the New York attorney general’s office, is a victory for the company, which had spent several years fighting the case. The company is also battling similar accusations in other state and federal courts. In his 55-page ruling, New York State Supreme Court Justice Barry...

''It’s not at all surprising that in 1977 Exxon management might reject a warning from one of its scientists that rising carbon dioxide emissions were going to pose a problem. It certainly wasn’t widely accepted at that time, and we have the benefit now of 40 years of hindsight. That’s why whenever someone says “Exxon knew”, I respond “Did they though?”

Exxon Mobil Corp. and New York’s attorney general are headed for a showdown this week over accusations the company deceived investors, a rare trial over how the oil industry accounts for the impact of climate change. The trial, which begins Tuesday in state court in Manhattan, is the culmination of a sprawling investigation into Exxon and its accounting practices that spanned four years and three New York attorneys general. It is expected to include as a witness former Secretary of State Rex Tillerson, who was Exxon’s chief executive from 2006 to 2016. The attorney general’s office said the company told...

The attorney for two of three men charged with assaulting two black women last week at a North Side gas station denied Thursday that the defendants are racist and rejected calls to upgrade the charges against them. “My clients are not racist,” lawyer David Shrager said during a news conference at his Downtown offices. “They love that community. They feel terrible that people think this was based in some way, shape or form on racial discrimination when it was not.” Mr. Shrager represents Balkar “Bill” Singh, 40, of Harmar, and Sukhjinder “Simon” Sadhra, 35, of Ross. He said that police...

While all plant life captures CO2, Exxon Mobil wonders if industrial plants could do the same. While the oil company says it's constantly working on ways to capture CO2, it wants plants to be more like plants.