exxonmobil (nyse:xom)

Sun, 2014-04-06 11:18Sharon Kelly
Sharon Kelly's picture

Responding to Investor Pressure, ExxonMobil Agrees to Disclose Fracking Risks

ExxonMobil, the nation's largest oil and gas company, will begin disclosing risks associated with shale drilling and fracking to investors, in response to a long-running campaign by a coalition of shareholders.

In February, the groups of investors in a handful of major oil and gas companies including Exxon, Chevron and EOG Resources, demanded for the fifth year in a row more information from companies about the risks associated with fracking. The motion won the support of over 30 percent of Exxon shareholders — an unusually strong showing for a shareholder resolution.

On Thursday, the investors’ coalition announced that Exxon was the first company to agree to disclose risks. The company will publish a report by September that will describe fracking’s potential harm to air quality, water and roads, as well as risks associated with the chemicals used. Exxon agreed to follow criteria identified in a 2013 report, cited by the coalition and called Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations, in which Exxon received a failing grade for its transparency.

We have seen the significant risks that come from hydraulic fracturing activities,” said New York City Comptroller Scott M. Stringer, custodian and investment advisor for the New York City Pension Funds’ $144 billion in assets, including $1.02 billion in ExxonMobil stock. “Corporate transparency in this arena is truly necessary for assessing risk and ensuring that all stakeholders have the information they need to make informed decisions.”

However, Exxon’s first report will not disclose data on methane leaks – information that shareholders argued strongly should be made public. Natural gas is primarily made of methane, a potent greenhouse gas that has climate changing effects over 80 times more powerful than carbon dioxide during the first two decades after it escapes to the Earth’s atmosphere.

Thu, 2012-06-28 16:58Guest
Guest's picture

Exxon's Tillerson: Could We Really Have Expected a Tiger to Change its Stripes?

By Cindy Baxter, originally published at PolluterWatch.org.

When Greenpeace first began focussing on ExxonMobil's funding of climate denial, its CEO and Chairman was arch denier Lee Raymond.

Raymond had spent years - and millions - on denying the science of climate change, both in funding right wing think tanks and scientists, and in his role as chair of the American Petroleum Institute's climate change committee.  A 1998 document revealed ExxonMobil plotting with some of those think tanks to challenge climate science. 

For years, Exxon had paid for expensive, weekly “Opinion Advertorials” on the New York Times opinion pages challenging the science (see image).

When Raymond stepped down and Rex Tillerson  took over in 2006, we hoped the worst was over.  That year, ExxonMobil dropped its funding of the Competitive Enterprise Institute that ran the charmingly titled “Cooler Heads Coalition”. The final straw for ExxonMobil was the CEI's “C02 is life” advert (this links to an annotated version, but it's the original ad) positing that we couldn't get enough of the stuff.  

In dropping the CEI, ExxonMobil told everyone it had been “misunderstood” on its stance on climate change - and the media were led to believe that this tiger had changed its stripes. Its “Corporate Responsibility report” that year stated it was dropping its funding of a few think tanks because their “‘position on climate change diverted attention from the important discussion on how the world will secure the energy required for economic growth in an environmentally responsible manner.”

And yet, the company continued to fund deniers and does to this day. As of May last year, Exxon has poured a total of $26,061,235 into the campaign against climate denial.  While the funding in 2010 was just above $1 million, well down from its 2005 peak of $3.478 million, in 2010 Exxon started funding one of the think tanks that it had dropped and arguably the first off the blocks in the climate denial campaign, the George C Marshall Institute.  The Koch brothers have taken up where Exxon left off, but its legacy is clear.

Thu, 2011-06-30 03:22Brendan DeMelle
Brendan DeMelle's picture

Denial-a-Palooza 6: Heartland's Sixth International Conference on Climate Change, Courtesy of Koch, Scaife & Exxon

The Heartland Institute is convening a who’s-who of the global warming denial machine in Washington, DC over the next two days for the sixth International Conference on Climate Change (ICCC6).

Seemingly content to let the world burn, the denizens of Denial-a-Palooza work year-round to sow doubt and confusion about climate change among the public - aided by Fox News and other friendly media outlets - so that no action is taken to limit heat-trapping gasses in the atmosphere. This event is attended by the best corporate front groups that polluter money can buy, and this year is no exception.

As in past years, the speakers and sponsors lists are dripping with oil money, and comprise nearly the full roster of groups who share a common interest - greenwashing dirty energy sources like oil and coal while simultaneously attacking the credibility of the world’s top climate scientists. The presentations will misrepresent the state of climate science, while the real action will take place backstage, as these groups coordinate their ongoing efforts to smear the reputation of the Intergovernmental Panel on Climate Change. (Note the intentional naming of this “ICCC” to sound like the IPCC.)

Let’s take a look at the funding of the sponsors of ICCC6:

17 of the 43 sponsors of the Heartland Institute’s Sixth International Conference on Climate Change, including the Heartland Institute itself, have collectively received over $46 million from either Scaife Foundations, Koch Foundations, or ExxonMobil and its foundation.

Most of these organizations, including many that choose not to disclose their funding sources, comprise the core of the industry attack on global warming science. See below for a complete breakdown of funding details:

Wed, 2011-01-19 11:06Chris Mooney
Chris Mooney's picture

Is Climate Denial Corporate Driven, or Ideological?

UPDATE: After posting this, I realized that the idea that climate denial is ideological, rather than corporate driven, is also the explicit and central argument of Oreskes and Conway, Merchants of Doubt. There was no intention to slight them–it’s just that I’d read Dunlap and McCright more recently, so their work was at the front of my mind. I’ve added a reference below, and my apologies to Oreskes and Conway.

Recently, I’ve been reading some research by Riley Dunlap, a sociologist at Oklahoma State University who collaborates frequently with Aaron McCright, another sociologist at Michigan State. Together, they’ve done penetrating work on the right wing resistance to climate change science in the US, and in particular, on the role of conservative think tanks in driving this resistance.

In a series of 2010 papers, however, I’m detecting a theme that runs contrary to what many often assume about the driving forces of climate denial. It is this: McCright & Dunlap argue that while corporate interests may once have seemed front-and-center in spurring resistance to climate science, at this point it’s becoming increasingly apparent that ideological motivations are actually the primary motivator. Or as they put it: “conservative movement opposition to climate science and policy has a firm ideological base that supersedes the obvious desire for corporate funding.”

Mon, 2010-03-22 11:46Brendan DeMelle
Brendan DeMelle's picture

Institute for Energy Research Admits It Was Behind Anti-Wind Study

Danish journalists have confirmed that The Institute for Energy Research commissioned and paid for the anti-wind energy study released last year by a Danish think tank that claimed Denmark exaggerates the amount of wind energy it produces (it doesn’t), questioned whether wind energy reduces carbon emissions (it does), and asserted that the U.S. should choose coal over wind because it’s cheaper (it’s not when you count the true costs of coal).

The Copenhagen Post reports:
“A controversial report critical of the wind energy industry from conservative think tank CEPOS was commissioned and paid for by an American think tank with close ties to the coal and oil industries.”

That American think tank is the Institute for Energy Research, which has received $307,000 from ExxonMobil since 1998 and unknown additional sums from other oil and coal industry sources.  The Guardian reported last year that the Institute for Energy Research has received recent funding from KBR and trusts set up by Koch Industries, which has multiple ties to IER and its sister organization American Energy Alliance.

CEI fails to manufacture its own 'stolen emails' controversy

The folks at Competitive Enterprise Institute seemed to enjoy Climategate so much that they tried to manufacture an email scandal of their own.  But two months and several attempts later, they haven’t been able to generate much interest.

Tue, 2009-04-28 17:23Kevin Grandia
Kevin Grandia's picture

Exposing ExxonMobil's Climate Change Doublespeak [video]

As President Obama hosts the world’s 17 largest economies to discuss a new desperately-needed global binding treaty on climate change, the oil, coal and gas companies are in overdrive trying to undermine the process and maintain their profits.

And Avaaz.org is calling out the worst of the bunch, ExxonMobil Corp., in a new commercial they want to run on CNN.

Tue, 2009-03-17 13:04Kevin Grandia
Kevin Grandia's picture

Oil and Gas Lobbying on Capitol Hill up a Whopping 57% in 2008

Spending by oil and gas companies lobbying politicians on Capitol Hill jumped a whopping 57% between 2007 and 2008.

The oil and gas sector paid out a total of $128.6 million in 2008, compared to only $82 million in 2007. According to research we compiled using OpenSecrets.org’s database, this is an unprecedented rise in US lobbyist expenditures by the oil and gas sector.

In terms of lobbyist expenditures, the top 5 companies accounted for $72.6 million of this spending in 2008. In the year previous the top 5 spent only $38.76 million - a 53% increase in spending in a single year.

Here’s a breakdown of the lobbying expenditures by top 5 oil and gas companies:

1. ExxonMobil (NYSE: XOM) - spent $29 million in 2008, up from $16.9 milion in 2007.

exxonmobil-lobby-washington-2008

(click image to enlarge)

Subscribe to exxonmobil (nyse:xom)