ExxonMobil

Are Fossil Fuel Companies Telling Investors Enough About the Risks of Climate Change?

Exxon gas station sign

Prior to President Donald Trump taking office, there was a push to require oil and gas companies to inform their investors about the risks of climate change. As governments step up efforts to regulate carbon emissions, the thinking goes, fossil fuel companies’ assets could depreciate in value over time.

The Securities and Exchange Commission, for example, was probing how ExxonMobil discloses the impact of that risk on the value of its reserves. And disclosure advocates have been pressing the agency to take more decisive action.

Now that Republicans control Congress and the White House, will the SEC reverse course? And should it?

Why Is the Exxon-Funded Heartland Institute Now Calling Oil Trains “Dangerously Flammable”?

Derailed oil train cars still smoking after the fire in Mount Carbon, West Virginia

When President Donald Trump signed executive orders pushing for the approval and expedited review of the Keystone XL and Dakota Access pipelines, an oil industry-funded think tank put out an interesting comment supporting the move in a press release:

I believe that Canada is the largest supplier of foreign oil to the United States,” said Christopher Essex at the University of Western Ontario, on behalf of the climate change–denying Heartland Institute. “It gets there in part via huge dirty dangerously flammable trains of oil-bearing tank cars.”  

But why was Heartland, which has received large amounts of funding from ExxonMobil, championing oil pipelines while highlighting the risks of oil trains? 

Oil Companies, Corrupt Governments to Benefit as Congress Guts Transparency Rule

Rex Tillerson sitting with Vladimir Putin and Igor Sechin

On February 3, the Republican-led Senate used an obscure procedural tool to end a bipartisan provision meant to fight corruption and overseas oil bribery, a rule opposed by Rex Tillerson as head of ExxonMobil.

The Securities and Exchange Commission’s (SEC) transparency rule, part of the 2010 Dodd-Frank financial reform bill, was created to reduce corruption by requiring drilling and mining companies to disclose royalties and other payments made to governments in exchange for oil, gas, and mining extractions. Critics say overturning the rule could threaten national security.

Congress Plans Back Door Tactic to Scrap Methane Pollution Rule — and These Are the Oil Companies That Will Benefit

Natural gas flare

Republican leaders in Congress say they’ll use an obscure rule called the Congressional Review Act (CRA) to roll back the Methane Waste and Prevention Rule as early as next week. The rule, finalized by the Bureau of Land Management (BLM) in November 2016, requires oil and gas companies to reduce methane leaks from operations on federal and tribal lands. 

An open records request from environmental group Friends of the Earth reveals the top three companies — ExxonMobil, Devon Energy, and Encana Energy — which will profit from the rule’s rollback.

Rex Tillerson Backs Aggressive Policy in Disputed South China Sea as Exxon, Russia Eye Region’s Oil and Gas

Tillerson getting sworn in as Secretary of State with Trump

President Donald Trump's newly sworn-in Secretary of State, recently retired ExxonMobil CEO Rex Tillerson, turned heads when he expressed support for an aggressive military stance against China's actions in the disputed South China Sea during his Senate committee hearing and in response to questions from Democratic Party Committee members.

Tillerson's views on China and the South China Sea territory appear even more concerning against the backdrop of recently aired comments made by Trump's increasingly powerful chief strategist, Steve Bannon, that the two nations were headed toward war in the next five to 10 years, as reported by the Independent (UK). However, what Tillerson did not reveal in his answers is that Exxon, as well as Russian state-owned companies Gazprom and Rosneft, have been angling to tap into the South China Sea's offshore oil and gas bounty.

Exxon’s Fracking Linked to 176 Official Complaints in Rural Pennsylvania

The investigative journalism outlet Public Herald documented that ExxonMobil subsidiary XTO Energy has been the subject of 176 citizen complaints in Pennsylvania, many of them drinking water-related. The state is home to the Marcellus Shale basin, the most prolific field for obtaining natural gas via hydraulic fracturing ('fracking”) in the U.S. and an early hotbed of debate on fracking's potential threats.

In its investigation, the Pennsylvania-based publication spent three years digging up complaints submitted by the state's citizens to the Pennsylvania Department of Environmental Protection (DEP). With documents spanning from 2004–2016, the complaints previously have been concealed from the public, and Public Herald says they show “evidence of widespread and systemic impacts” of fracking on water in the state.

A DeSmog review of files housed on the investigation's document-hosting website, PublicFiles.org, shows dozens upon dozens of these wells were owned by XTO. The finding comes as President Donald Trump's nominees for U.S. Secretary of State, recently retired ExxonMobil CEO Rex Tillerson, and U.S. Environmental Protection Agency Administrator, Oklahoma Attorney General and EPA antagonist Scott Pruitt, await full U.S. Senate floor hearings and eventual confirmation votes.

Trump's Mexico Border Wall Could Be Trojan Horse for Increasing US Oil Exports

Border fence between USA and Mexico in the Pacific Ocean

On January 25, President Donald Trump acted on his campaign promise to get the ball rolling on building what he often called a “big, beautiful, powerful wall” situated along the U.S.-Mexico border.

At his speech announcing the executive order at the U.S. Department of Homeland Security, Trump cited drugs pouring across the border, increasing crime, and other national security concerns as the rationale for its construction. The main questions center around who will fund it and if Trump can deliver on his promise to have Mexico pay for it, given Mexico's President Enrique Peña Nieto canceling a planned trip to the U.S. to meet with Trump in the aftermath of the announcement. Peña Nieto has said Mexico will not foot the bill.

Answering the question about funding, Trump's press secretary Sean Spicer has revealed that U.S. taxpayers will fork over the money at first, with Mexico paying for it over time through a 20 percent tax on Mexican imports. At least some of those fees, it turns out, could be generated by offering tax incentives to increase U.S. oil exports to Mexico and beyond.

Key Trump Donor Stands to Profit from Order to Approve Keystone XL, Dakota Access Pipelines

On January 24, President Donald Trump signed two executive orders calling for the approval of the Dakota Access and Keystone XL pipelines, owned by Energy Transfer Partners and TransCanada, respectively. He also signed an order calling for expedited environmental reviews of domestic infrastructure projects, such as pipelines.

Fights against both pipelines have ignited nationwide grassroots movements for over the past five years and will almost assuredly sit at the epicenter of similar backlash moving forward. As DeSmog has reported, Donald Trump's top presidential campaign energy aide Harold Hamm stands to profit if both pipelines go through. 

Hamm, the founder and CEO of Continental Resources who sat in the VIP box at Trump's inauguration and was a major Trump campaign donor, would see his company's oil obtained from hydraulic fracturing (“fracking”) in the Bakken Shale flow through both lines. Kelcy Warren, CEO of Energy Transfer Partners, was also a major Trump donor.

Exxon’s Rex Tillerson and the Rise of Big Oil in American Politics

Vladimir Putin and Rex Tillerson in 2012

By Pennsylvania State University

How Big Oil Bought the White House and Tried to Steal the Country” is the subtitle of a book that tells the story of a presidential election in which a candidate allowed money from big oil companies to help him win office and then rewarded them with plum appointments in his cabinet.

With President Donald Trump picking former ExxonMobil CEO Rex Tillerson as secretary of state, one might think the book is an early exposé of the presidential election of 2016.

Instead, it’s from “The Teapot Dome Scandal,” a book that tells the story of a corruption scandal that rocked the term of President Warren G. Harding’s administration in the 1920s.

Under Tillerson, Exxon Maintained Ties with Saudi Arabia, Despite Dismal Human Rights Record

Rex Tillerson

During his Secretary of State confirmation hearing, recently retired ExxonMobil CEO Rex Tillerson came under questioning by Sen. Marco Rubio (R-FL) about his stance on Saudi Arabia's awful human rights record, a country which contains the biggest oil reserves on the planet and is a long-time ally of the U.S.

While Tillerson offered mild criticism of Saudi Arabia's treatment of women, LGBQT people, and others, several Senators found his response far from full-throated and said as much. A DeSmog investigation shows that Exxon has long been involved in Saudi Arabia's oil and gas industry. Not only did the company, through its predecessor Standard Oil, help launch the industry there and co-owned the country's first major export pipeline, but to this day it maintains deep business ties with Saudi Arabia and the industry in a variety of sectors, both there and in the U.S.

Pages

Subscribe to ExxonMobil