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BOSTON - Exxon Mobil's $60 billion bid for Pioneer Natural Resources would expand the top U.S. oil producer's footprint in the country's biggest oilfield, raising questions for shareholders over its transition to low-carbon energy.
Right now"activists are criticizing companies for not focusing on their core business, telling them to separate their renewable businesses," said Jim Rossman global head of shareholder activism and advisory defense at Barclays. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal.
Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.
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