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Energy giant Exxon Mobil has seen pressure lower as energy prices fall. The company could also face a bitter proxy battle, a potential regulatory probe, and investors focusing on climate change.
Dean Mouhtaropoulos / Getty Images
All eyes will be on it
Exxon Mobil
as the oil giant reports on Tuesday earnings.
While investors’ attention will be focused on Exxon’s fourth-quarter financial results (ticker: XOM), Wall Street will be looking for signs of how the company plans to build up among the two. could be a bitter bitter battle.
Engine No. 1, an investment firm launched last year, has four executives on the board of Exxon, saying it “needs new members who have successfully positioned energy companies for today tomorrow.” Separately, The Wall Street Journal reported that Exxon may be looking to add members to its board and ramp up its sustainability efforts. The news of earnings could be announced.
Exxon issued a statement on Wednesday stating that it has engaged with Engine No. 1 since mid-December, and will assess the company’s nominees “in accordance with the agency’s bylaws. The energy giant declined to comment.
Exxon, once the world’s largest company, has been under pressure elsewhere as well. It is expected to post a loss in the quarter due to falling energy prices. It is also reported that the Securities and Exchange Commission is investigating a spy complaint that Exxon transferred value in the Permian Pool. Exxon has called the claims “very false.”
Not to mention the growing pressure on Exxon and peers on the face of climate change. Institutional investors such as BlackRock (BLK) want more publicity on how energy companies plan to reduce greenhouse gas emissions.
Write to English Carleton at [email protected]