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...ExxonMobil’s chief executive collected a pay packet last year worth almost four times that of bosses at rivals BP and Shell, underlining the vast disparity between European and US remuneration in the booming...
...Exxon boasts a market value of about $480bn versus $300bn for Chevron, $230bn for Shell and $110bn for BP....
...“Ideally you would get in some fresh blood the way Exxon did with Kathy Mikells as CFO,” he added, referring to the executive the US oil major plucked from drinks group Diageo in 2021....
...In an interview with the FT in December, Exxon chief executive Darren Woods said “biofuels will play a role” in the transition away from fossil fuels....
...It trades at approximately seven times its forecast 12-month earnings, compared with eight times for Shell and 11 times for Exxon and Chevron....
...However, Auchincloss added that BP would not follow Exxon and Chevron in acquiring additional oil production either....
...In the years since, it began making proposals at BP and Chevron, where in 2021 more than 60 per cent of shareholders backed a resolution to force the group to cut its carbon emissions....
...The Dutch pension fund PFZW yesterday said it had sold €2.8bn of its holdings in oil groups including Shell, BP and TotalEnergies because they were not doing enough to produce credible plans for the clean...
...While European oil majors including BP and Shell have developed sizeable wind and solar businesses, Exxon and US rival Chevron have resisted calls to move into renewables, arguing they lack core capabilities...
...Results season is in full swing and this morning BP surprised the market with better than expected fourth quarter earnings and a boost to planned share buybacks, which had helped the stock climb 6 per cent...
...The most recent was BP, which reported annual profits of just under $14bn yesterday, the second-highest in over a decade, which is good news for investors who have been worried about BP’s strategy of cutting...
...Both deals are on a scale rarely seen since the megamergers of the late 1990s and early 2000s — BP-Amoco, Exxon-Mobil and Chevron-Texaco — that formed the modern supermajors....
...Exxon has not set any scope 3 targets. Nowhere is the climate pressure higher than in California....
...“We’ve seen satellites as part of the solution for a long time,” said Matt Kolesar, Exxon’s chief environmental scientist....
...Melinda Janki, a former BP lawyer who is fighting against Exxon’s appeal, said the suit was designed to ensure Exxon would minimise its operations’ risk to the environment and would pay for any damages caused...
...Last week Exxon revealed that its chief executive, Darren Woods, had received remuneration of $36.9mn last year, slightly more than Calhoun and almost four times as much as the heads of Shell and BP....
...In contrast to Exxon, BP is targeting cuts in oil and gas production of 25 per cent by 2030....
...This week, Lex saluted Exxon of the US and the UK’s BP for skilfully pulling off that trick. To comment on this or any of our coverage, please email me at Lexfeedback@ft.com....
...Sure, Exxon’s deal will create a production juggernaut 50 per cent bigger than Shell on Rystad Energy’s 2023 numbers and 75 per cent bigger than BP....
...A flurry of big M&A deals in the late 1990s and early 2000s condensed control of US oil and gas production into the hands of fewer players as BP absorbed Amoco and Arco, Chevron swallowed Texaco and Exxon...
...Exxon peers in Europe such as BP and Shell have sold parts of their fossil fuel portfolio in response to climate concerns. Both companies have cut oil output since 2019....
...Now, in recent years, we’ve seen some of the big oil producers over in Europe, like Shell and BP, make some small moves into renewable sources of energy like solar and wind....
...Lithium is in the company’s ‘wheelhouse’ Unlike its European rivals such as Shell or BP, Exxon has long resisted calls to diversify into wind and solar....
...Alongside BP, it launched arbitration proceedings against the company in September. Venture Global has denied the allegations....
...Unlike European rivals such as Shell and BP, however, it has avoided any shift into renewable energy....
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