(Bloomberg) -- After coming under attack from both environmentalists and investors in the first half of his seven-year tenure at the helm of Exxon Mobil Corp...
-- After coming under attack from both environmentalists and investors in the first half of his seven-year tenure at the helm of Exxon Mobil Corp., Darren Woods is on the offensive.US Probing Indian Billionaire Gautam Adani and His Group Over Potential BriberyAlready this year, Woods filed an arbitration case against Chevron Corp. for attempting to buy into Exxon’s massive offshore oil project in Guyana and a lawsuit against investors demanding that his company cut emissions.
For those who see Exxon and Big Oil as responsible for decades of delay and misinformation about climate change, it’s an unpopular argument. But it’s one made from a position of increasing financial strength. The European supermajors’ struggles demonstrate the perils of replacing high, steady cash flows from fossil fuels with low-margin renewables, according to Greg Buckley, a portfolio manager at Adams Funds who helps manage about $3.5 billion including Exxon shares.
Woods is also learning from his own experience with activist shareholders. In January, the company filed a lawsuit against US and Dutch climate investors who buy stock to push for lower emissions. The process by which they get votes on the ballot at company meetings “has become ripe for abuse by activists with minimal shares and no interest in growing long-term shareholder value,” Exxon said in the suit.
In November, Woods tried to flip the script on a slogan from the long-running “ExxonKnew” environmental campaign, which claims that company executives downplayed warnings from their own scientists since the 1970s that carbon dioxide causes climate change. Exxon has denied deliberately misleading the public on global warming.
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