ADVFN - Advanced Financial Network.
HOME» NYSE » E » XOM Stock Price » XOM Stock News

Exxon Mobil Share News

 Exxon Mobil Corp. Stock Price
XOM Stock Price
 Exxon Mobil Corp. Stock Chart
XOM Stock Chart
 Exxon Mobil Corp. Stock News
XOM Stock News
 Exxon Mobil Corp. Company Information
XOM Company Information
 Exxon Mobil Corp. Stock Trades
XOM Stock Trades

Exxon: Climate Regulations Don't Threaten the Value of its Reserves

By Daniel Gilbert Exxon Mobil Corp. says future regulations to protect the climate don't threaten the value of its oil and gas reserves, arguing that economies will need the fuels too much to embrace drastic cuts in greenhouse-gas emissions. In response to shareholder pressure, the U.S.'s biggest energy company, published two reports Monday affirming that climate change poses a risk to society. But Exxon pushed back against investor concerns that potential restrictions on burning fossil fuels will make it too expensive for Exxon to pump its oil and gas, calling such a scenario "highly unlikely." "We are confident that none of our hydrocarbon reserves are now or will become 'stranded,'" Exxon said in one report published on its website, responding to a request from several sustainability-focused groups representing shareholders. Exxon's view came as the United Nations Intergovernmental Panel on Climate Change issued a report Monday that found that global warming is already having an impact and called for steps to slow its effects. Separately, the White House last week directed federal agencies to limit greenhouse-gas emissions as part of a broader effort to tackle climate change. Investors will continue to push the company to account for increased restrictions on carbon emissions, said Andrew Logan of Ceres, an advocacy group that helped coordinate proposals seeking disclosure on climate change. Exxon has long assumed that regulations will make it more expensive to produce oil and gas, and estimates a cost of $80 a ton of carbon emissions by 2040 in Western countries. But the company said that cutting such emissions by 80% through that time frame, a target some scientists say is needed to slow global warming, would cost the average U.S. household almost $2,350 a year in additional energy expenses. While such a scenario is possible, Exxon said, "it is difficult to envision governments choosing this path in light of the negative implications for economic growth and prosperity that such a course poses." The Irving, Texas-based oil company estimates that the world will consume 35% more energy in 2040 than today and contends renewable sources of energy, like wind and solar power, aren't enough to meet that demand. Instead, Exxon is focusing on burning energy more efficiently and cutting emissions. Footnoted in the two reports are hints of how Exxon plans to use concerns over climate to its advantage, by promoting natural gas as a fuel that gives off fewer emissions than coal or oil. The U.S.'s biggest gas producer, Exxon is among several companies seeking permits to export the fuel abroad where prices are higher. Allowing U.S. companies to export domestic gas, Exxon noted, "could further the adoption of this cleaner-burning fuel by countries that currently rely on more carbon-intensive forms of energy." Write to Daniel Gilbert at [email protected] Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Exxon Mobil (XOM)
DateTimeHeadline
02/24/201716:49:00MARKET SNAPSHOT: Dow Posts 11th Straight Record; S&P 500 Sees...
02/24/201714:31:00MARKET SNAPSHOT: U.S. Stocks Retreat From Record-setting Streak...
02/23/201712:53:54Current Report Filing (8-k)
02/22/201720:22:00Exxon Lowers Proved Reserve Estimates -- Update
02/22/201718:44:00Exxon Lowers Proved Reserve Estimates
02/22/201717:08:00InterOil Announces Completion of ExxonMobil Transaction
02/22/201716:56:21Statement of Changes in Beneficial Ownership (4)
02/22/201716:52:08Annual Report (10-k)
02/22/201716:30:00ExxonMobil Announces 2016 Reserves
02/22/201716:23:41Statement of Changes in Beneficial Ownership (4)
02/21/201711:00:00ExxonMobil Employees Inspire Girls to Pursue Future in Engineering
02/20/201720:00:00Supreme Court of Yukon Approves ExxonMobil Transaction
02/17/201705:59:00Energy Companies Face Crude Reality: Better to Leave It in the...
02/16/201709:00:00ExxonMobil Sets Record in High Performance Oil and Gas Reservoir...
02/16/201702:30:00ExxonMobil Singapore Refinery to Expand Group II Base Stock Production
02/13/201715:59:40Statement of Changes in Beneficial Ownership (4)
02/10/201715:03:08Amended Statement of Ownership (sc 13g/a)
02/10/201709:00:00ExxonMobil Awards License for Efficient Drilling Technology to...
02/07/201705:41:00InterOil Secures US$470 Million Credit Facility
02/03/201710:16:08Statement of Changes in Beneficial Ownership (4)

Exxon Mobil and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US