What's happened
Exxon Mobil's stock has surged despite initial setbacks from the ESG movement, with CEO Darren Woods advocating for fossil fuels at COP29. This contrasts sharply with rivals like BP and Shell, who have struggled after pivoting to renewables.
Why it matters
What the papers say
According to Bloomberg, Exxon Mobil's stock has doubled since 2021, with CEO Darren Woods advocating for fossil fuels at COP29, despite the company's initial struggles with ESG pressures. In contrast, the New York Times reports that BP and Shell have faced stock declines after shifting focus to renewables, illustrating the conflicting strategies within the energy sector. Woods noted, 'I had a lot of pressure to get into the wind and solar business,' but opted for investments more aligned with Exxon's traditional operations. This divergence in approaches raises questions about the future of energy investments and the ongoing battle between fossil fuels and renewable energy.
How we got here
Exxon faced significant pressure from activist investors in 2021, leading to a board overhaul. However, the company chose to focus on traditional fossil fuels rather than renewables, a decision that has paid off in stock performance.
More on these topics
-
Azerbaijan, officially the Republic of Azerbaijan, is a country in the Caucasus region of Eurasia. Located at the crossroads of Eastern Europe and Western Asia, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, A
-
Darren W. Woods is an American businessman, and the chief executive officer and chairman of ExxonMobil since January 1, 2017.