ExxonMobil and Chevron investors challenge board as record results revealed
- Investors launch an attack on the ExxonMobil and Chevron boards during annual meetings.
- ConocoPhillips' $17.1bn deal to acquire Marathon Oil adds to the energy sector's upheaval.
- Differing views on financial duties regarding climate change exacerbate tensions between Exxon and investors.
Shareholders in ExxonMobil and Chevron met for their annual meetings. ConocoPhillips announced plans to buy Marathon Oil for $17.1bn. This shows a big bet on fossil fuels. Chevron and Exxon faced criticism for doubting global warming and breaking climate promises. Environmentalists warn these deals could worsen the climate crisis. ConocoPhillips's takeover of Marathon Oil, valued at $22.5bn, comes as oil prices rise. The California Public Employment Retirement System voted against Exxon's board for not curbing greenhouse gas emissions. Chevron's shareholders re-elected all board members. Chevron was criticized for extracting gas in the Mediterranean. Protesters called for Chevron to divest from Israel operations. Marathon Oil's CEO praised the deal, focusing on safety and returns for shareholders. The deal needs approval and is expected to close in the fourth quarter. The fight between Exxon and investors over climate change escalated. Investors want Exxon to take a proactive approach to energy transition. Exxon sued investors, leading to backlash from larger investors like CalPERS. The interests of investors and companies may continue to differ as climate change costs rise.