Exxon Mobil

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Exxon Deal 'Ties Its Future to Fossil Fuels"

Energy giant buys Pioneer Natural in $59.5B deal

(Newser) - Almost no one has more places to drill in West Texas than Pioneer Natural Resources—which means almost no one will have more places to drill in West Texas than Exxon Mobil. The energy giant on Wednesday announced it would buy Pioneer in an all-stock deal worth just shy of...

ExxonMobil Set to Square Off Against Activist Investors

Shareholder meeting at Chevron also promises to be contentious over emissions reduction plans

(Newser) - The fly on the wall at Wednesday's ExxonMobil shareholder meeting is likely to get quite an earful, notably on the topic of climate change. Quartz reports that the oil giant is expecting a battle with some of its more activist-leaning investors, including on multiple proposals regarding carbon emissions that...

ExxonMobil Made Record Profits Last Year

'Our results clearly benefited from a favorable market'

(Newser) - ExxonMobil posted record annual profits in 2022 as Americans struggled with high prices for gasoline, home heating, and consumer goods. The oil giant brought in $12.75 billion in profits in the fourth quarter, bringing annual net income to $55.7 billion. That exceeds Exxon's previous record of $45....

Green Investor Forces Exxon Directors Out

Unprecedented revolt over climate strategy puts at least 2 new members on board

(Newser) - ExxonMobil shareholders backed a hedge fund opposed to the company's approach to climate change issues by replacing board members Wednesday. It's the first such rebellion the company has ever faced, CNN Business reports. The hedge fund, Engine No. 1, won two board seats, and the races for two...

Female CEOs Just Made a Record Fortune 500 List

37 of the companies in the annual ranking are run by women—a record high

(Newser) - This year's Fortune 500 list is out, and the top 10 companies are the same ones that made it in 2019, with Walmart in the No. 1 spot for the eighth year in a row. The real story attracting buzz, though, is that 37 of the companies are led...

Exxon Mobil Profit Falls 49%
Profits Plunge for Exxon Mobil

Profits Plunge for Exxon Mobil

But the Texas oil giant still reported over $3B in profits for the third quarter

(Newser) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas, the AP reports. The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year....

This Company Has a -5% Corporate Tax Rate

GE tops WalletHub's list of companies with lowest corporate tax rates; Caterpillar has the highest

(Newser) - To best understand how President Trump's plan to cut the corporate tax rate from 35% to 20% would affect companies, it's necessary to determine a company's effective tax rate. WalletHub is on the case. The outlet reviewed annual reports for the top 100 companies on the S&...

Exxon Fined $2M for Sanctions Breach Under Tillerson

Company says it did nothing wrong

(Newser) - Exxon Mobil Corp. must pay a $2 million fine for showing "reckless disregard" for US sanctions on Russia while Secretary of State Rex Tillerson was the oil giant's CEO, the Treasury Department said Thursday. Exxon sued the US government to stop the fine. The Treasury said that Exxon...

Trump Administration Says Exxon Can't Drill in Russia

Treasury Department denies waiver from Russian sanctions

(Newser) - The US government won't be granting Exxon Mobil a waiver from Russian sanctions, Politico reports. It had been reported this week that the oil and gas company was seeking a waiver to allow it to drill in the Black Sea. The refusal of that waiver came Friday in the...

Rex Tillerson Used Email Alias 'Wayne Tracker' at Exxon

At least in missives about climate change, says New York attorney general

(Newser) - An investigation into whether Exxon Mobil misled investors regarding its knowledge of climate change has revealed that former CEO and current Secretary of State Rex Tillerson used an alias email address to discuss the subject, says New York's attorney general. In a letter to a New York judge on...

Tillerson's Confirmation Could Be Tricky
Trump Picks Rex Tillerson,
but Path Will Be Tricky
THE RUNDOWN

Trump Picks Rex Tillerson, but Path Will Be Tricky

Secretary of state hearings likely to focus on Russia, conflicts of interest

(Newser) - Donald Trump confirmed Tuesday morning that Rex Tillerson is his pick to be secretary of state—but the ExxonMobil chief's path to confirmation is not expected to be an easy one. The Washington Post reports that some GOP senators may be unwilling to support Tillerson because of his ties...

Trump Picks Exxon CEO for Sec of State: Reports

Rex Tillerson is now the expected nominee

(Newser) - NBC News , the Washington Post , and other outlets are reporting that Exxon Mobil CEO Rex Tillerson will be the next secretary of state. Two sources close to Donald Trump say the president-elect is going to nominate Tillerson, likely next week—though nothing is official until he does. Tillerson apparently...

Scientist: Exxon Knew of Climate Change in 1981, Lied

'Guardian' explores explosive claims in newly uncovered email

(Newser) - Exxon was ahead of the game on climate change. According to Lenny Bernstein, who spent 20 years there as a climate expert, the company knew about the link between fossil fuels and climate change in 1981—seven years before the issue truly became public. But for the next 27 years,...

Christie Rep Settled Exxon Suit for 3 Cents on Dollar

A former state official alleges the office 'cut the deal favorable to Exxon'

(Newser) - It's been quite the legal saga: In 2004, New Jersey's Department of Environmental Protection sued Exxon Mobil over what it said was a century's worth of pollution spewed by two refineries. The state alleged that contamination dating as far back as 1870 at the northern Bayonne and...

Exxon CEO Hops on Suit to Stop ... Fracking Activity

Rex Tillerson wants to keep a water tower out of his backyard

(Newser) - Lots of people wouldn't want fracking-related activities taking place near their homes—but when one of those people is the CEO of Exxon Mobil, it raises some eyebrows. The Wall Street Journal last week revealed that Exxon chief Rex Tillerson has joined a lawsuit spearheaded by former House Majority...

Carbon Tax Looming, Big Business Gets Ready to Pay Up

Dozens of US companies factoring price into financial plans

(Newser) - First came news that 90 companies are to blame for the majority of greenhouse gas emissions. Now, more than two dozen big US corporations are planning for a future that involves paying for their pollution. A survey by green-data firm CDP shows that 29 companies, including Exxon, Chevron, and Walmart,...

90 Companies to Blame for 63% of Global Emissions

Chevron, BP, Exxon racked up 9% alone

(Newser) - Want to personally thank those largely responsible for putting greenhouse gases into the air? Fewer than 100 phone calls will do the trick. According to new research, 90 companies have produced 63% of the emissions of carbon dioxide and methane since the dawn of the industrial age. Chevron, BP, and...

Oil-Soaked Birds Turn Up in Arkansas Spill

Smell permeates town as Keystone debate rages

(Newser) - Ten surviving "oiled ducks" and two dead ones have turned up following a pipeline leak in Arkansas , Exxon Mobil says. "I'm an animal lover, a wildlife lover, as probably most of the people here are," says a local judge. "We don't like to see...

Exxon Mopping Up Oil Pipeline Spill in Ark.

Critics use accident to slam Keystone XL plan

(Newser) - Exxon Mobil is mopping up an underground pipeline spill that dumped thousands of gallons of oil on an Arkansas town, reports Reuters , as critics are using the accident to again pounce on the Keystone XL pipeline. A leak detected late Friday in Mayflower forced Exxon to shut its Pegasus pipeline,...

Exxon Mobil Passes Apple as No. 1 Company

It regains title of most valuable company

(Newser) - Apple's disappointing earnings report has cost it some bragging rights: Thanks to declining stock shares, the company had a market value of $412.7 billion as of midday. That means Exxon Mobil regains the title of "world's most valuable company" at $417.5 billion, the AP reports....

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