ExxonMobil

ExxonMobil Corporation is an American multinational oil and gas corporation. It is the world's third largest company by revenue and the second largest publicly traded company by market capitalization.

New Proxy Resolution Urges ExxonMobil to Return Capital to Shareholders in the Face of Global Climate Change & Carbon Asset Risk

Arjuna Capital and As You Sow File Shareholder Proposal Asking ExxonMobil to Return Capital to Shareholders Rather than Invest in High-Cost High-Carbon Projects

In a first-of-its-kind proposal, Shareholders Arjuna Capital/Baldwin Brothers Inc. and As You Sow seek increased dividends or share buybacks from ExxonMobil given structural challenges facing the industry - historically high capital expenditures, decreasing profitability, and global climate change. This represents the first shareholder proposal asking a company to return capital to shareholders in light of climate change risk.

ExxonMobil wrote a report in response to Arjuna Capital and As You Sow’s shareholder proposal this spring on the potential for stranded assets associated with climate change. Exxon ignored major risk factors projected by the International Energy Agency (IEA) and Wall Street energy analysts regarding stranded carbon assets – i.e. that the company’s most-costly projects may become uneconomical in a low demand or low oil price environment.

Read Exxon's report denying carbon asset risk

The new shareholder resolution calls on Exxon Mobil (XOM) to protect investor value by “increasing the amount authorized for capital distributions to shareholders through dividends or share buy backs,” rather than invest in high-cost, high-carbon oil projects.

Read our full statement

Read our resolution

Bloomberg
Activist investors who called a truce with Exxon Mobil Corp. (XOM) this year over climate change disclosures demanded the world’s biggest energy company give cash to shareholders rather than invest in costly new oilfields. Arjuna Capital and a group called As You Sow filed a shareholder proposal with Exxon that calls on the Irving, Texas-based company to shift cash bound for carbon-intensive oil projects into bigger dividend payouts and share buybacks.

- Exxon Investors Seek Dividend Boost in Lieu of New Fields

As You Sow has engaged with ExxonMobil on issues related to hydraulic fracturing, climate change, and coal ash. Read more about our engagements with ExxonMobil below.

Climate Change 2017

STATUS: Blocked by Company at SEC

RESOLVED: Shareholders request Exxon issue a report (at reasonable cost, omitting proprietary information) summarizing strategic options or scenarios for aligning its business operations with a low carbon economy (such as the International Energy Agency’s 450 climate change scenario), including for example altering the company’s energy mix by separating or selling some of its highest carbon-risk assets, divisions, and subsidiaries; buying, or merging with, companies with assets or technologies in low carbon or renewable energy; or internally expanding its own renewable energy portfolio.

Filing Documents

Related 2017 Engagements

Methane 2017

STATUS: pending

RESOLVED: Shareholders request that Exxon report annually to shareholders (at reasonable cost, omitting proprietary information) and using quantitative indicators, the company’s actions beyond regulatory requirements to minimize methane emissions, particularly leakage, from the company’s hydraulic fracturing operations.

Filing Documents

Related 2017 Engagements

Carbon Asset Transition 2016

STATUS: 5.6%

BE IT RESOLVED: Proponents request that, by February 2017 and annually thereafter in a publication such as its annual or CSR report, Exxon quantify and report to shareholders its reserve replacements in BTUs, by resource category, to assist the Company in responding appropriately to climate-change induced market changes. Such reporting shall be in addition to reserve reporting required by the Securities and Exchange Commission, and should encompass all energy resources produced by the company.

Filing Documents

Press

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Related 2016 Engagements

Hydraulic Fracturing 2016

STATUS: 24.5%

BE IT RESOLVED: Shareholders request the Board of Directors report to shareholders, using quantitative indicators, by December 31, 2016, and annually thereafter, the results of company policies and practices above and beyond regulatory requirements, to minimize the adverse environmental and community impacts from the company’s hydraulic fracturing operations associated with shale formations. Such report should be prepared at reasonable cost, omitting confidential information.

Filing Documents

Related 2016 Engagements

Carbon Asset Risk 2015

STATUS: Blocked by Company at SEC

BE IT RESOLVED: Shareholders hereby approve, on an advisory basis, Arjuna Capital/Baldwin Brothers’ proposal: In light of the climate change related risks of decreasing profitability and stranded asset risk associated with planned capital expenditures on high cost unconventional projects, Exxon Mobil commit to increasing the amount authorized for capital distributions to shareholders through dividends or share buy backs.

Filing Documents

Press

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Related 2015 Engagements

Hydraulic Fracturing 2015

STATUS: 24.9%

BE IT RESOLVED: Shareholders request the Board of Directors report to shareholders using quantitative indicators, by December 31, 2015, and annually thereafter, the results of company policies and practices, above and beyond regulatory requirements, to minimize the adverse environmental and community impacts from the company’s hydraulic fracturing operations associated with shale formations. Such report should be prepared at reasonable cost, omitting confidential information.

Filing Documents

Related 2015 Engagements

Carbon Asset Risk 2014

STATUS: Withdrawn; Company will address

Shareholders request Exxon Mobil prepare a report by September 2014, omitting proprietary information and prepared at reasonable cost, on the Company’s strategy to address the risk of stranded assets presented by global climate change, including analysis of long and short term financial and operational risks to the company.

Filing Documents

Press

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Related 2014 Engagements

Hydraulic Fracturing 2014

STATUS: Withdrawn; Company will address

Shareholders request the Board of Directors to report to shareholders using quantitative indicators by December 31, 2014, and annually thereafter, the results of company policies and practices, above and beyond regulatory requirements, to minimize the adverse environmental and community impacts from the company’s hydraulic fracturing operations associated with shale formations. Such reports should be prepared at reasonable cost, omitting confidential information.

Filing Documents

Press

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Related 2014 Engagements

Hydraulic Fracturing 2013

STATUS: 30.2%

Shareholders request the Board of Directors to report to shareholders by October 30, 2013, and annually thereafter, using multiple quantitative indicators,the results of company procedures and practices, above and beyond regulatory requirements,to minimize any adverse environmental and community impacts from the company’s natural gas extraction operations associated with shale formations. Such reports should be prepared at reasonable cost and omit confidential information.

Filing Documents

Press

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Related 2013 Engagements

Hydraulic Fracturing 2012

STATUS: 30.0%

Shareholders request that the Board of Directors prepare a report to investors by September 2012, at reasonable cost and excluding confidential or legally prejudicial data, on the short‐term and long‐term risks to Exxon Mobil operations,finances and gas exploration associated with community concerns, known regulatory impacts,moratoriums, and public opposition to hydraulic fracturing and related natural gas development.

Filing Documents

Press

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Related 2012 Engagements

Hydraulic Fracturing 2011

STATUS: 28.2%

Shareholders request that the Board of Directors prepare a report by October 2011, at reasonable cost and omitting confidential information such as proprietary or legally prejudicial data, summarizing: 1) Known and potential environmental impacts of Exxon Mobil’s fracturing operations; and 2) Policy options for our company to adopt, above and beyond regulatory requirements and our company’s existing efforts, to reduce or eliminate hazards to air, water, and soil quality from fracturing operations.

Filing Documents

Press

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Related 2011 Engagements

Hydraulic Fracturing 2010

STATUS: 26.0%

Onshore “unconventional” natural gas production requiring hydraulic fracturing, which injects a mix of water, chemicals, and particles underground to create fractures through which gas can flow for collection, is estimated to increase by 45% between 2007 and 2030. An estimated 60-80% of natural gas wells drilled in the next decade will require hydraulic fracturing.

Shareholders request that the Board of Directors prepare a report by October 1, 2010, at reasonable cost and omitting proprietary information, summarizing 1.the environmental impact of fracturing operations of Exxon Mobil; 2. potential policies for the company to adopt, above and beyond regulatory requirements, to reduce or eliminate hazards to air, water, and soil quality from fracturing.

Filing Documents

Press

Related 2010 Engagements