Tag: Exxon

ExxonMobile | The Long Term Consequences of Short Term Greed

Washington (GGM) Analysis | October 30, 2019
NoreenByLine-a by Noreen Wise

The New York state fraud trial against ExxonMobile of Irving, TX,
kicked off on October 22, 2019 and a week later is still underway. The issues are now so heated, they’ve become as toxic as Exxon itself.

Texas is responsible for 12.7% of US carbon emissions, yet is 1 of 50 states. This ST-SAGA-CovFrnt-72-300staggering percent alone indicates the significant increase in US and world carbon emission levels that oil production generates. It’s unimaginable that such a massive and profitable public company like ExxonMobile, can receive all the benefits and yet not be required to bare the burden of the negatives, meanwhile millions of innocent victims can lose their homes, all their personal possessions as well as their livelihoods, and potentially their lives, without any redress… until now.

Texas’ per capita carbon emissions is 24 metric tons, while California is only 9 metric tons, and NY of all states has the lowest per capita carbon emissions reading of a mere 8 metric tons, one third that of Texas. The District of Columbia is the lowest overall at 4 metric tons, but is not considered one of the 50 states. Coal state West Virginia, with the highest per capita carbon emissions of states whose population is more than one million, has a per capita carbon emissions reading of mind-numbing 52 metric tons.

  • TX – 28 million people, 12.7% of US carbon emissions
  • CA – 39 million, 7% US carbon emissions
  • FL – 21 million, 4.5% US carbon emissions
  • PA – 13 million, 4.2% US carbon emissions
  • NY – 20 million, 3.2% US carbon emissions

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Louisiana is another huge oil producing state, and is on the heels of West Virginia’s per capita carbon emissions, with a per capita reading of 45. There are two interesting outliers that haven’t been factored in, North Dakota and Wyoming, with 2019 populations so tiny —  757,952 and 585,501 — that their per capita carbon emissions appears criminal: North Dakota at 72 metric tons and Wyoming at 104. These two states seem to emphasize the significant impact cattle production has on global warming. For example, the state of North Dakota has 1.8 million cattle for it’s population of 585,501.

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If these state carbon emission readings are readily available through wikipedia, and the ability to draw connections between oil production, carbon emission levels, and global warming is so blatant and clear, how is it possible for the corporate executives to turn a blind eye to the global impact? Do the majority of us do that in our own lives and/or professions? It doesn’t appear that we do. Take parenting toddlers for example.

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Parents baby proof homes to keep their children safe. Gates go up. Special locks are attached to doors and drawers. Children are strapped into every kind of seat imaginable. Warnings are placed on every product catering to children. All of these precautions are soon ingrained in us. We’re able to assess our homes, connect dots, and buy products that meet the needs of ensuring safety. With this standard in mind, it thus makes Exxon’s willful disregard for doing the same type of assessment, and creating an action plan to address the dangers, that much more maddening.

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According to Courthouse News Service, in Manhattan court today, Rex Tillerson testified that he “lobbied the previous administration for a carbon tax and pushed for the landmark Paris Climate Accords.” The fact that his lobbying efforts didn’t work, or that Trump pulled the US out of the Paris Agreement, appears to make Tillerson believe that he therefore did everything he could and isn’t responsible for any damage that Texas’ 12.7% carbon emission reading has on the world.

Interestingly, there are 22 states that chose to stay in the Paris Agreement, despite Trump pulling the US out. Texas wasn’t one of them. But 22 is nearly half the US states, three of which are red states. So it’s unclear why Tillerson would try and use Trump’s leaving the Paris Agreement as an excuse for doing nothing, when so many others in the same situation, rallied to protect their states and citizens and moved forward with creating and executing climate action agendas to meet the target goals outlined in the Paris Agreement, regardless of whether the US was in or not.

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Not only is Tillerson’s Paris Agreement excuse a non-starter, which serves to further validate the NY Attorney General’s claim of investor fraud, and underscore the willful disconnect between Exxon’s CEO and the reality of climate change, but when the extra level of sociopathic behavior of “lobbying for a carbon tax” is added in, which was followed by doing nothing when the carbon tax didn’t pass in Congress, the excuse becomes so lame it seems fraudulent for Tillerson to even mention it during his testimony today.

If a CEO truly does passionately believe in a carbon tax — because he understands that global warming and destructive climate events harm millions and millions, possibly billions of innocent victims — wouldn’t he have nobly used this would be carbon tax money to assist victims of traumatic climate events?

Exxon gave $500,000 during the 2017 Hurricane Harvey aftermath in Houston, and according to Google, nothing since to any other climate victims following catastrophic weather events. The microscopic Harvey amount is unfathomably pathetic when a company earned $19.7 billion that same year, compared to $7.8 billion the preceding year. The stunning increase in Exxon’s 2017 earnings during Tillerson’s first year as Secretary of State (should that be investigated?), with only a few tiny pennies to help with Harvey destruction? No, sorry, Mr. Tillerson. Your testimony today underscores your apathy and indifference to the global community that you’ve shattered.

The facts are plain as day. True leaders with a conscience know how to proceed and navigate a responsible path forward to protect the innocent in this type of quagmire (a quagmire that Exxon seemed to intentionally create so it wouldn’t be forced to act), but you, Sir, took advantage of the foggy conditions, and used it as an opportunity to maximize your profits and net worth. May justice be served. Hundreds of thousands have already died, millions of lives have been ruined. Short term greed has resulted in long term catastrophic global ruin. There’s hell to pay.

© Copyright 2018 – 2019. ALL Rights Reserved.
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Exxon In Pitched Battle With the World

Washington (Gallant Gold Media Hill Report | Analysis | June 7, 2019)
NoreenByLine by Noreen Wise

A growing number of world leaders, and state attorney generals, are taking off their gloves and flexing their muscles in an effort to drive home the point with Exxon that they aren’t backing down. In fact, they plan to ramp up their resolve, and persevere through to the next level and pry the appropriate climate action commitment from Exxon. Not only that, the world’s prepared to continue bringing charges against Exxon for climate fraud.

ExxonMobile Corp is the world’s largest publicly traded oil company. Back in 2015, during the build up to the 2016 presidential election,  documents leaked revealing that Exxon had intentionally kicked off a misinformation campaign for the purpose of undermining climate science in the hopes it would steer decision makers to continue with the massive use of oil for automobiles and energy. Since the 1970’s, Exxon has known that oil production causes global warming and has continued to mislead consumers, failing to warn of the hazards.

Now, 40 years later, we see Exxon’s misinformation campaign worked. Carbon levels have risen significantly – 335 PPM to 415 PPM. Thousands of innocent people have died as a result.

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The state Attorney General’ who have and/or will be filing climate fraud charges against Exxon:

  • Massachusetts
  • New York
  • Rhode Island
  • Washington DC – tentative

Foreign Nations are leveling penalties against Exxon through the European Parliament.

© Copyright 2018 – 2019. ALL Rights Reserved
GallantGreenSmileGold-75

Exxon Shareholder Majority Rejects Climate Action Responsibility | Votes for High Profit at World’s Expense

Washington (Gallant Gold Media Hill Report | Analysis | May 30, 2019)
NoreenByLine by Noreen Wise

American publicly traded global fossil fuel companies are in for a turbulent next twelve months. Exxon was feeling this rough ride at it’s annual shareholders meeting Wednesday May 29, 2019. Two of its largest shareholders were demanding climate action accountability and threatened to wrangle the support of fellow shareholders and vote the directors out.

The New York State Common Retirement Fund, led by Thomas DiNapoli, the New York State Comptroller, along with The Church of England led the proxy fight. And although they may have missed their targeted goal of outright removal, they successfully increased shareholder support for climate responsibility. More eyes will now be closely following decision makers, and tweeting about their objections.

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The Church of England, another large Exxon shareholder, believes in ethical finance. They’ve made their shock and frustration with Exxon’s refusal to act on #climatechange very public.

“This has been a very difficult AGM for Exxon and a warning shot to management.” ~Edward Mason, Church of England

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Climate Action 100+ is a force to be reckoned with. This powerful group of 324 #climate focused international investors, control $33.4 trillion in assets. They have a reach far beyond America’s political divide with a proven ability to move mountains. American conservative investors who aren’t paying attention may find their political allegiance selling them short in the long run, maybe even the short run depending on where the next Category 4 or 5 hurricane or tornado strikes.

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Exxon’s press release, following their shareholder’s meeting  on May 29, 2019, stated: “ExxonMobil expects to increase annual earnings potential more than 140 percent and double potential annual cash flow from operations by 2025 from 2017 adjusted earning, assuming a 2017 oil price of $60 per barrel adjusted for inflation based on 2017 margins.” Seeing numbers like 140% and a doubling of “potential cash flow” without a concrete plan for climate action, is a clear statement that Exxon views profits as far more important than cutting carbon.

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The climate action world does not agree with Exxon’s disregard for their responsibility to decrease Exxon’s carbon footprint. The climate focused public will happily avoid Exxon gas stations, and instead choose Shell and BP. If dollars are the only way to connect with Exxon’s decision makers, the public will accept this and send our objections using dollars. No problem.

© Copyright 2018 – 2019. ALL Rights Reserved.
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Will Exxon Shareholders Revolt on May 29? | Climate Action

Washington (Gallant Gold Media Hill Report | Perspective | May 28, 2019)
NoreenByLine by Noreen Wise

Several large Exxon shareholders demanded that a climate proposal be included on the ballot for the 2019 annual meeting to be held on Wednesday, May 29, but Exxon failed to comply.

The Church of England, and New York State Common Retirement Fund led by Thomas DiNapoli, the New York State Comptroller, initiated a proxy fight against the Exxon directors on Friday, May 3, claiming that Exxon’s “inadequate response to climate change constitutes a serious failure of corporate governance.”

The band of pro climate action Exxon shareholders, are aligned with Climate Action 100+, a group of investors who command $32 trillion in assets and are using their strength to leverage change amongst resistant companies like Exxon. They asked fellow Exxon shareholders to vote against all existing Exxon directors at Wednesday’s annual meeting.

Of particular concern, is that Exxon competitors are creating effective climate action game plans that curb carbon emissions for this notoriously irresponsible industry. For example:

  • BP Plc
  • Chevron
  • Royal Dutch Shell Inc
  • Total SA

Will the dawning of Wednesday May 29, 2019, when Exxon finds itself with their back against the wall in Houston, TX, prove to be the much needed turning point for the US fossil fuel mega corporations, who have been the main drivers in global warming across the globe for more than three decades? We’ll soon find out.

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© Copyright 2018 – 2019. ALL Rights Reserved.
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