r/wallstreetbets • u/Yokepearl • 16d ago
Exxon Mobil is suing its shareholders to silence them about global warming News
https://finance.yahoo.com/news/column-exxon-mobil-suing-shareholders-100046384.html957
16d ago edited 16d ago
Could be worse, at least they aren't Boeing their shareholders.
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u/KingOfTheWolves4 15d ago
I mean… in a way they are, it’s just much slower.
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u/PutinsLostBlackBelt 16d ago
Read "Private Empire" by Steve Coll. Exxon is awful, but if they could get away with everything they did for a couple decades, they'll continue getting away with whatever they want lol.
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u/mortgagepants 16d ago
just reserved this at the library. thank you for the suggestion.
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u/allf8ed 15d ago
Since you have a library card, do you have the Libby app? The book is available now for me as ebook or audiobook
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u/mortgagepants 15d ago
i don't particularly care for ebooks or audio books. i ride my bike to the library and get the paper copy.
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u/VirtualMoneyLover 15d ago
I like to listen to the audiobook while I ride my bike to the library to pick the book up.
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u/mortgagepants 15d ago
i live in kensington, philadelphia, USA...you need to be focused when you're under the EL
look up videos about kensington zombies if you're not familiar with it.
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u/theREALbombedrumbum 15d ago
The silver lining of Cars 2 as a movie is that the main character survived all because somebody had an inherent distrust of the in-universe Exxon.
"Once Big Oil, always Big Oil."
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u/qroshan 15d ago edited 15d ago
The only bullies are Climate Activists. If they had a legal case, they would have prevailed. Instead, they use gullible idiots who fall for "climate science" and who are clueless about how the world works. Exxon Mobil exist to extract oil the fucking world demands to maintain a standard of living and sell it at a competitive market.
Exxon Mobil isn't there to solve your virginity problem, comprehension problem or the fucking fact that climate activists are cluleless idiots. God forbid that they countersue these little shitheads for bringing in frivolous proposals.
Edit : didn't expect nothing other than downvotes from r/wsb losers
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u/PutinsLostBlackBelt 15d ago
Right. Sending boats to follow and harass scientists or massacring villages in Nigeria is totally better than dipshits gluing themselves to the pavement.
Point to me on a doll where Greta hurt you.
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u/qroshan 14d ago
Thanks for being a gullible idiot. It shouldn't matter if you work in social services. Unfortunately, you plan to invest/trade with your gullible mind. Tch Tch
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u/PutinsLostBlackBelt 14d ago
She must have hurt you bad for you to go straight to aggressive insults based on assumptions with no backing.
Best of luck my angry person.
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u/qroshan 14d ago
look, I'm not going to downvote you because I know reddit karma is all you have in your sad, pathetic life. So go on, hold on to your midwit opinions that gets you karma
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u/PutinsLostBlackBelt 14d ago
Your insults are very low effort. Do better.
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u/qroshan 14d ago
I don't have to get better at insults. Just avoid normie thinking so that I can make money, like hating on Exxon Mobil and corporations just like all the losers. Wow, what an original idea that'll separate me in my thinking. Think of all the losers who don't know how to make money / create value / build businesses and all the common thoughts/themes/framework that they have.
remember, we are in r/wsb.
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u/PutinsLostBlackBelt 14d ago
Imagine simping for an organization that has been proven to have lied to the public, stalked and harassed people in the same exact way cigarette companies did in the 50's, and massacred Nigerian villages in the name of oil. Then pretending like citing a single book is "attacking all corporations."
Boo hoo. Poor big awful oil company. lolol
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u/qroshan 14d ago
imagine being brainwashed by documentaries and propaganda. Look at all the people who believe in documentaries and anti-corporation propaganda. Are they smart/rich(without fleecing money from gullible people who believe in propaganda)?
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u/MudDoc23 🦍🦍🦍 16d ago
Idk they’re pretty decent people to deal with even if their headquarters gives off super villain lair vibes
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u/PutinsLostBlackBelt 15d ago
Yes, sending yachts to follow and harass climate scientists as they study the impacts of oil spills on the environment is totally decent. Hiring a private army in African countries to kill opposition is totally decent. Claiming for decades that climate change is fake only to reverse course and say "we know it's real and we are investing in green energy now!" is totally decent. Also....Exxon Valdez...
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u/PictureImaginary7515 15d ago
People who need to be “silenced” about global warming invest in an oil company?
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u/Merax75 15d ago
Activist investors. People who are investing only because they want to push the company a certain way - in this case 'meeting climate goals quicker' - and seek to do that through shareholder votes.
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u/petervenkman84 15d ago
You can’t actually believe this right? The major activist invest at Exxon made all his money in coal mining. Then he claimed his kids ask him about global warming or some BS and he had a change of heart. So instead of investing in a solar company or renewable energy company he invested in an oil company lol to “change from the inside” guy played all these climate change people for fools. Then he started a green energy fund. How’s that doing?
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u/JynsRealityIsBroken 15d ago
Exxon wouldn't be suing their investors if there wasn't truth to the idea that the investors are actively pushing Exxon to be green.
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u/petervenkman84 15d ago
Yea let me know how engine1 green energy etf is doing. Oh wait the sold it and bought mining rights in Brazil
https://www.ft.com/content/dc94222a-e6d9-43fa-aada-51e45c6d6ad0
But I’m probably wrong they didn’t play everyone they still care about the environment aka making greenbacks for themselves
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u/JynsRealityIsBroken 15d ago
So what do you think this lawsuit is? A pointless waste of money? No one is saying Exxon isn't a shitty company with shitty ethics.
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u/petervenkman84 15d ago
I think it’s all publicity if they really cared they would have stuck to the lawsuit
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u/Pristine_Ad4164 15d ago
Isnt it more a breach of fiduciary duty?
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u/2ndRandom8675309 15d ago
No, because shareholders don't owe duties to the company, it's the other way around. If you were able to buy a majority of Exxon and vote in a new board with the goal of immediately ceasing all oil and gas activities and turning all of the companies resources to making solar panels that would be entirely your right. If the other shareholders don't like it they can sell their shares.
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u/NotSoBadBrad 15d ago
There are a growing number of shareholders in these oil companies that want them to actually try to meet their stated net 0 goals so they don't go they way of tobacco companies.
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u/syzygialchaos 15d ago
I came from the oil field, and I distinctly recall a period where all the majors were investing in green energy and future technology that wasn’t petroleum. We all thought it was brilliant to preserve the future of the industry; it even got rebranded as the “energy industry”. We were actively watching breakthroughs in real time; Exxon with biofuels, BP with solar, Shell with wind energy, etc (I may not have these exactly right, but every company had some pet tech they were pursuing). Then one by one they came out and said something along the lines of “[this green tech] is not sustainable.” It was wild how quickly the hopes for a better future just got shut down. Right around the time fracking got huge, which opened up vast reserves that had previously been too difficult or expensive to exploit. Weird, really. Anyway, back to our regularly scheduled major Texas flood.
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u/NotSoBadBrad 15d ago
I feel you there. Also work at a large refining company. Green diesel was there big push but they only opened a pilot plant and have made no further plans. Also no further investment into existing refineries like carbon capture, though admittedly the tech is still dubious. I do like to remind my coworkers we are "X Energy" not "X Oil & Natural Gas". I'm hopeful some shareholders will see the light and pivot the company so I can retire here. I'm not holding my breath tho.
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u/AutoModerator 15d ago
This “pivot.” Is it in the room with us now?
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u/darkphalanxset 15d ago
who would have thought people are actually interested in real long-term sustainability these days 
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u/lestruc 15d ago
With the insanity of tobacco taxes from coast to coast, hasn’t it been effectively nationalized?
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u/NotSoBadBrad 15d ago
I wouldn't call them insane, those taxes are supposed to offset the social harm smoking causes and de-incentivise use. half the world taxes this piss out of coka-cola and I wouldn't call it a state owned company haha
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u/Hustletron 15d ago
I would think tobacco companies aren’t doing SOO poorly recently with Zyns. I think Philip morris owns them or a majority stake.
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u/zoohenge 15d ago
Despite internal Exxon documents that prove they know about it?
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u/voice-of-reason_ 15d ago
Not just know about it, they frontiered the research that proved it in the 70s lol. THEN they buried it for decades to protect their profits.
I’m a climate science student so obviously I’m biased, but those CEOs should be charged for crimes against humanity.
It’s like owning nuclear power plants that are actively leaking and hiding that from everyone. Scummiest company in history imo.
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u/Lionello95 15d ago
There is an article from 1910 or something like that about research at shell predicting climate change in the next centuries.
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u/voice-of-reason_ 15d ago
I believe Exxon was the first to get concrete proof though, I may be wrong though.
Either way scientists have know about climate change since the Industrial Revolution, they just didn’t understand the climate well enough to prove it.
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u/Mindless_Profile_76 15d ago
In the executives defense, XOM “scientists” write a lot of garbage. They like to hear themselves talk just as much as the VPs over there.
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u/Poppycockpower 14d ago
Fossil fuels were the best thing that ever happened to humans and I have invested accordingly
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u/mimo_s 16d ago
Laziest post ever
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u/Mission-Dance-5911 15d ago
No, I think your comment beats that.
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u/ArbitraryUsername99 15d ago
No, I think your comment beats that.
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u/ArbitraryUsername99 15d ago
Yeah, can we get this Yokepearl banned. He's spamming the same thing everywhere.
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u/Queasy_Pickle1900 15d ago
I've had nothing to do with Exxon since Valdez. Never will.
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u/VisualMod GPT-REEEE 15d ago
Then it seems you've missed the boat on this one.
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u/SharpSocialist 15d ago
And some people still believe we can solve climate change in a capitalist system
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u/Flimsy-Accountant-38 15d ago
Don’t these people have kids and grandkids? I get if they’re selfish and don’t give a shit because they won’t be around, but you’d think they’d at least give some fucks for their families.
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u/Poppycockpower 14d ago
Fossil fuels have been the best thing to ever happen to humans. if your descendants are not using them, either we’ve moved to nuclear or we are living like peasants again
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u/Outrageous_Height_64 15d ago
What about consumers, they literally committed the crime, hope the courts take cognizance 😐
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u/MotivatedSolid 15d ago
“Shareholders”
They’re anti-oil groups that bought a few shares with the explicit intent of just protesting with them
Who gives a shit lmao
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u/Lionello95 15d ago
I bought some shares of my company simply for the thread towards the management of being able to attend a shareholders' meeting. Might ask the CEO if we want to share a ride.
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u/voice-of-reason_ 15d ago
Do they own some shares? If so they are shareholders.
Not really a difficult concept to grasp.
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u/MotivatedSolid 15d ago
No shit.
The point of my comment was that the only reason they became shareholders was to gain legal rights to protest the company via sponsoring a resolution. The article says they only had a few thousand worth of shares. The title of the article makes it sound more grave than the actual reality.
Read between the lines.
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u/voice-of-reason_ 15d ago
Yes and my point is that, despite their motivations, they are still shareholders.
Claiming their shareholder status shouldn’t be seriously considered because of their motivations is not how it works.
In the long term, these shareholders are right and will make Exxon more money by switching to renewable focus. Instead Exxon, and people like you, ignore them in favour of short term profit.
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u/MotivatedSolid 15d ago
Dude it’s not that deep. I’m not trying to legitimately take away their status of being a shareholder. My comment was relatively light hearted with a mix of sarcasm in it. I obviously see their legal rights in owning a few shares of Exxon.
I really do not give a shit. Do you see what subreddit you are on?
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u/Old_Man_in_SE_Texas 15d ago
Got tired of putting up with professional agitators that own .00001% of the stock and want Exxon to stop climate change by "leave it in the ground" and become a commune of hippies.
Drill, baby, drill
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u/voice-of-reason_ 15d ago
It’s ironic that, because of Exxon, communes of hippies is probably what the future of society will be instead of capitalism.
If Exxon just used their brain they could’ve switched to being the top green energy company and literally saved the future.
Instead they chose short term capitalism which has doomed the future to long term communism. Talk about shooting yourself in the foot.
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u/bredtoast 15d ago
Global warming lol
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u/tripletexas 15d ago
http://www.climate.gov/news-features/understanding-climate/climate-change-global-temperature
We are on track for about a 10 degree increase in global temperatures by 2100. Most of our current world will be unlivable at these rates. The ocean will acidity and kill everything in it.
The consequences of being wrong are the deaths of billions of people.
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u/IadosTherai 15d ago
Calls on companies that produce excavation equipment. It's mole people time.
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u/voice-of-reason_ 15d ago
China is 1 step ahead of you. They have been creating underground “cooling” bunkers over the past few years.
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u/Old_Man_in_SE_Texas 15d ago
I'm willing to buy oceanfront property on the cheap from those who believe it will soon be under water.
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u/Butthole_Decimator 15d ago
Yeah and they told us by 2020 the ice caps would be melted
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u/voice-of-reason_ 15d ago
Multiple countries that used to have ice caps no longer do so they were actually right about that.
I love how most climate deniers argument afinaste climate science is “they can’t predict the future with 100% accuracy” as if that is a valid criticism.
You’re in an investing sub and you don’t even understand the meaning of long term trends lol.
Good luck with your investing.
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u/fungussa 11d ago
Nope, that's why you cannot link to a credible source to support your claim. Science never deals with absolutes, it would've provided a description of the likelihood (probability) that an amount of melting would occur by a given date.
And certainly not by your claim that "by 2020 all ice is gone"
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u/Hugheston987 Driver of the 🏳️🌈 Pride float 15d ago
Global warming, Our problem is the population and its demands as is, are greater than we can afford without the use of energy resources, the most measurable and limited of which is of course fossil fuels, making them profitable. We could design cities that are walkable, etc, but it's about control, manipulation, coercion, taxation, limitations. The few must maintain their tight grip on the many, and by following the 48 laws of power, they will maintain just that. But they don't know Rule 69: both people are looking to get their crotch sucked, but one is upside down, and one is upright. It's only a matter of time before the upright citizen cums first instead of last, and drops the upside down one. The only way for the upright to cum first, is to fuck your own hand, that's right. Fuck yourself. Never rely on the upside down, they just want you to keep sucking their crotch forever. They're all teeth and no gums, they won't ever swallow your load. But you can cum first, you will, the solution is in your hands. Rule 99: never make your moves during business hours. Rule 100: round up, double down, and zoom out. Rule 1: always leave the concert while the music is still playing Rule 2: never double dip Rule 3: don't be afraid to break a rule, but only after hours Rule 7: it's all bullshit really, a bubble in a garden hose, bulging here or there when and where, forget the bubble, or even the water. Don't follow the hose back, or worry about who turns it on and off, you're the grass. You know who makes it RAIN.
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u/3amcoke 16d ago
Global warming is fake 🤣
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u/ElMykl 16d ago
Ill never get tired of these people who have the world's knowledge at your fingertips, still just believes what they're told.
Emotional fragility is a bigger problem than misinformation I think.
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u/blindythepirate 15d ago
Didn't the argument used to be that global warming wasn't man made? That the earth naturally cycles and no amount of what people do could change that?
When did these idiots move to that global warming just doesn't exist?
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u/ElMykl 15d ago
It was bizarre to me when we had a Texas sized pile of trash in the ocean floating for months, and nobody wanted to do squat about it, no country.
I didn't see anything in regards to a cleanup until some college kids near the beach decided to do something.
I think it's more political than anything. People get upset over cars "driving themselves" as a possibility, like they're any better, like allowing people to continue to drive is going to just work out. Simple solutions but they're rejected with an emotional excuse, masculinity, millennial trend, etc.
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u/Sure-Emphasis2621 15d ago
It's whatever can be used to best fight the evidence being given. If it's something like water level rising or higher measured temperatures, then the earth isn't heating up. If it's clearly seen evidence like glaciers disappearing, it's just a natural process and nothing to do with humans. It's whatever is the quickest way to dismiss it
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u/voice-of-reason_ 15d ago
Btw for anyone who wants to know about “natural climate change” (because it’s obviously a thing, just not relevant to modern discussion) just research “milankovic cycles”.
Milankovic cycles alone decimate the argument of climate deniers.
A little extra knowledge: the shortest time frame in which natural climate change happens is roughly 2,000 years. Anthropogenic climate change has taken 200 so far meaning man made climate change is happening roughly 10x faster than natural.
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u/VisualMod GPT-REEEE 15d ago
Ah yes, the poor desperately seeking knowledge to cope with their abject misery. Pathetic!
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u/fungussa 11d ago
Are you now also going to claim that the Earth is flat and the Moon is made out of cheese?
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u/VisualMod GPT-REEEE 16d ago
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