Despite critics, Exxon still betting on oil

Exxon Mobil Corp. on Wednesday reiterated its position that creating far-reaching policies to reduce harmful greenhouse gas emissions is important but premature, even as some shareholders lambasted the oil giant for what they said was an irresponsible and even dangerous environmental stance.
Record profits aside, the world’s largest publicly traded oil company was criticized by a dozen or so of the 450 attending its annual shareholder meeting. In particular, several environmental-minded investors and shareholder activists asked the company to set real goals to reduce greenhouse gas emissions and invest more in renewable sources of energy.

They got neither.

Instead, Chairman and Chief Executive Rex Tillerson said the prudent strategy was to focus on finding and producing new supplies of crude oil and natural gas. The reason: Exxon Mobil is a petroleum and petrochemical company, and worldwide demand for its products will persist for decades.

Citing forecasts from the International Energy Agency, Exxon Mobil predicts fossil fuels will continue to supply roughly 80 percent of the world’s energy needs in 2030.

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