One of the biggest oil giants in the USA, Exxon Mobil announced new members of the board: Michael Angelakis and Jeffrey Ubben after pressure from a pair of activist investors. New members will promote decreasing the company’s carbon footprint. The company had discussed adding one or more new directors to its board and stepping up sustainability investments.
The company announced a strategy to spend more to increase production before the coronavirus pandemic. Recession decreased the demand for fossil fuels since then triggered billions of dollars of losses for the company. The plan of the company to boost its overall oil-and-gas production by one million barrels a day by 2025 is back since November 2020. The company announced a plan to cut billions of dollars from its capital expenditures over the next five years and invest only in its best assets.
Performance of Exxon Mobil’s shares (Tradingview.com)