XOM - Exxon Mobil Corporation

NYSE - NYSE Delayed Price. Currency in USD
-0.68 (-0.88%)
At close: 4:01PM EDT
Stock chart is not supported by your current browser
Previous Close76.95
Bid76.55 x 800
Ask0.00 x 3100
Day's Range76.19 - 77.22
52 Week Range64.65 - 87.36
Avg. Volume10,770,451
Market Cap322.705B
Beta (3Y Monthly)1.12
PE Ratio (TTM)17.57
EPS (TTM)4.34
Earnings DateJul 25, 2019 - Jul 29, 2019
Forward Dividend & Yield3.48 (4.52%)
Ex-Dividend Date2019-05-10
1y Target Est85.92
Trade prices are not sourced from all markets
  • Fire at major oil refinery pushes gas prices higher
    Yahoo Finance Video5 days ago

    Fire at major oil refinery pushes gas prices higher

    An explosion and fire at rocked largest refinery complex on the East Coast in Philadelphia Friday morning. That sent gasoline prices higher as the summer driving season kicks off. GasBuddy's Dan McTeague talks to Yahoo Finance's Julie Hyman and Adam Shapiro.

  • Exxon Mobil (XOM) Stock Moves -0.88%: What You Should Know
    Zacks9 hours ago

    Exxon Mobil (XOM) Stock Moves -0.88%: What You Should Know

    In the latest trading session, Exxon Mobil (XOM) closed at $76.27, marking a -0.88% move from the previous day.

  • ExxonMobil to Exit Norwegian Offshore Hydrocarbon Fields
    Zacks17 hours ago

    ExxonMobil to Exit Norwegian Offshore Hydrocarbon Fields

    A Norwegian business newspaper expects ExxonMobil's (XOM) offshore assets in Norway to be valued at $3-$4 billion.

  • Reutersyesterday

    Linde plans $1.4 bln Singapore expansion, signs Exxon supply deal

    Industrial gases group Linde said on Tuesday it will spend $1.4 billion to boost its Singapore gasification facilities to support the planned expansion of Exxon Mobil Corp's nearby integrated refining complex. The investment will enable Linde's facility on Jurong Island to supply additional hydrogen and synthesis gas to Exxon's Singapore refinery, the company said in a statement. Exxon's expansion project, which is expected to come online in 2023, would convert fuel oil and other residual crude products into higher-value lube base stocks and distillates to help meet stricter emissions rules.

  • If You Like Dividends, You Should Love These 2 Stocks
    Motley Fool2 days ago

    If You Like Dividends, You Should Love These 2 Stocks

    Two conservative industry bellwethers with giant yields and strong businesses -- there's a lot to love here.

  • Does BP Have Weaker Financials than Its Peers?
    Market Realist2 days ago

    Does BP Have Weaker Financials than Its Peers?

    BP’s (BP) has the highest percentage of debt in its capital structure. In the first quarter, BP’s total debt-to-capital ratio stood at 43%, the highest among its peers. ExxonMobil (XOM) and Chevron (CVX) had lower ratios of 17% and 18%, respectively.

  • Revenue Numbers Aside, There’s No Good Reason to Buy PLUG Stock
    InvestorPlace2 days ago

    Revenue Numbers Aside, There’s No Good Reason to Buy PLUG Stock

    Plug Power (NASDAQ:PLUG) has had a long and unsuccessful run on the capital markets. Plug stock started trading in 1998 around $120 per share (split-adjusted) and ran up to as high as $1,500 per share over the next couple of years.But the price collapsed shortly thereafter and has never recovered. Shares dropped under $10 in 2008, and PLUG stock would fall to as low as 13 cents earlier this decade. In 2014, PLUG stock briefly spiked to $10, but that rally failed as well and shares are back down to $2 now.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThis is a classic sort of boom and bust trading pattern of many small NASDAQ companies. They labor on for many years, hoping to commercialize some new or improved technology with limited success.Plug Power fits the mold. It has been able to generate a fair amount of revenue over the years. But it has never reached a point of achieving consistent profits; in general, its margins have been too low for the business to ever take off. * The 7 Best Dow Jones Stocks to Buy for the Rest of 2019 Huge Ongoing LossesDespite scaling up its revenues dramatically, there is little evidence that Plug Power is about to become a viable profitable business. From 2013 to 2018, Plug Power has increased its revenues from $25 million to $175 million. Gross profit, however, only flipped from a small loss to a gain of $2.6 million in 2018.Normally, if revenues go up sevenfold, you'd expect it to do more for your profit margins. Making $2.6 million in profit on your goods sold off of $175 million is rather lackluster.The company spends about $40 million per year on overhead. On top of that, it is spending around $30 million per year on R&D. Thus, while it only makes a gross profit of less than $3 million, it has more than $70 million in other costs that it has to fund each year to keep the business operating and competitive.Throw in more expenses, such as interest on the company's rising debt load, and annual losses approach $100 million per year. This figure has been spiking upward recently, even as revenues have gone up dramatically.As such, there's simply not much evidence that Plug Power's current business model is anywhere close to a trajectory needed to eventually become a solid business for PLUG stock owners. Hydrogen Still Is an Issue for Plug PowerThere are niche markets where hydrogen fuel cells are already practical products with viable use cases. But much of the enthusiasm for this sort of stock comes from the idea that hydrogen is going to go mainstream. Some folks, such as the people who publish Capitalist Exploits suggest that hydrogen is about to take off.They say hydrogen stocks will boom over the next five to ten years and investors have to get in now before the market surges.I don't buy their argument. If you read the full report, much of it is about the potential for future hydrogen fuel cell usage in mass markets such as transportation vehicles. But this market has already existed, to a limited extent, for the past decade and is showing little sign of reaching an inflection point now.If anything, electric vehicles are making it harder for hydrogen to take off. How many alternatives to internal combustion engine vehicles is the market going to support at once?It's worth considering that we've seen this movie before. A decade ago, billionaire Boone Pickens heavily pushed natural gas-powered vehicles. The Clean Fuels (NASDAQ:CLNE) company was a multi-billion market cap outfit that intended to take natural gas cars mainstream. It didn't work out, however. Despite natural gas fuel being both cheaper and cleaner than gasoline, the savings weren't sufficient to cause a mass shift.Hydrogen faces many more obstacles than natural gas did in trying to go mainstream. Hydrogen is more dangerous - see this station blowing up recently, for example, which led Toyota (NYSE:TM) to stop selling its hydrogen models. Stations using hydrogen cost much more to build than gas stations or electric charging facilities. And outside of a few markets like California, there isn't enough hydrogen infrastructure in place. PLUG stock could get a big boost if hydrogen vehicles get popular. But I'd bet heavily that they won't over the next few years. PLUG Stock VerdictCompetitor FuelCell Energy (NASDAQ:FCEL) got rid of its CEO and hired a restructuring firm earlier this month. That strongly implies the possibility that FuelCell will be going bankrupt shortly. That's even with them announcing a new deal with ExxonMobil (NYSE:XOM) recently. FCEL stock is down to 22 cents, and has lost 99% of its value over the past year.FuelCell's collapse has served as another reminder of the difficulty of taking hydrogen mainstream. There's a huge difference between having a cool technology that works in a lab, and having something that you can sell in the mass market profitably.Now, Plug Power isn't about to follow FuelCell's path. At least not yet. Plug Power's market cap is still over $500 million, meaning that it has plenty of ability to keep issuing new shares to fund its ongoing losses. Still, one must wonder how long the market will keep tolerating Plug Power's unending string of massive cash burn.After twenty years on the public markets, it's increasingly hard to think that the company's business model will ever turn into a significant success for its shareholders.At the time of this writing, Ian Bezek owned XOM stock. You can reach him on Twitter at @irbezek. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 7 Best Dow Jones Stocks to Buy for the Rest of 2019 * 5 Boring Stocks to Buy This Summer * 7 S&P 500 Stocks to Buy With Little Debt and Lots of Profits Compare Brokers The post Revenue Numbers Aside, There's No Good Reason to Buy PLUG Stock appeared first on InvestorPlace.

  • Reuters2 days ago

    UPDATE 1-Malaysia's Petronas Chemicals budgets $6 bln for speciality portfolio deals

    The chemicals arm of Malaysia's state energy firm Petronas plans to spend roughly $6 billion over the next 15 to 20 years to expand its speciality chemicals portfolio through acquisitions and partnerships, the unit's chief executive said on Monday. The budget is part of Petronas Chemicals Group Bhd's efforts to make high-margin speciality chemicals a central part of its business, Sazali Hamzah said in an interview with Reuters at the Asia Oil & Gas Conference. Petronas Chemicals has been looking to grow rapidly in speciality chemicals, which are raw materials used to manufacture consumer products such as high-performance tyres, medical gloves and LED televisions.

  • Bloomberg2 days ago

    The Fossil Fuel Industry Is Quietly Undermining Global Climate Talks

    (Bloomberg) -- Fossil fuel industry giants such as ExxonMobil and Royal Dutch Shell are maintaining an outsized presence at global climate discussions, working to undermine scientific consensus and slow policy progress, according to findings released Wednesday by an environmental monitoring organization.The Climate Investigations Center (CIC) report claims that fossil fuel trade associations have sent more than 6,400 delegates to climate talks since 1995, including delegates from Shell, BP and ExxonMobil.ExxonMobil declined to comment. Royal Dutch Shell and BP did not respond to requests for comment.The CIC’s findings add to an April report that accused the Global Climate Coalition, a fossil fuel-funded industry group, of working to discredit the UN’s Intergovernmental Panel on Climate Change and derail the Kyoto Protocol. Though the GCC disbanded in 2001, its members have continued to attend events representing different organizations, CIC data showed. Former GCC members have attended events representing organizations that include the International Emissions Trading Association (IETA) and the World Business Council for Sustainable Development (Wbscd). Since 2002, the two groups alone have combined to send 2,673 delegates, according to CIC data. ExxonMobil, Shell and BP all belong to at least one of the groups, according to the trade groups’ websites. The companies have collectively contributed 5.2% of global industrial greenhouse gasses from 1988-2015, according to the CDP’s Carbon Majors Database.“While the GCC is gone, its influence may not be,” said Jesse Bragg, media director at Corporate Accountability, a global activist organization. The new report “connects the dots and bolsters the case for why governments need to actually take a look at the influence of fossil fuel trade associations at the international level,” he said.The presence of the fossil fuel industry is, of course, required at such gatherings. Without their cooperation, it would be impossible to implement the large-scale changes needed to combat climate change. But there is a fine line between participation and obstruction. Activists say getting global organizations such as the UN to reconsider how fossil fuel representatives are allowed to participate in the process has been difficult. “They not only do not want a policy, they don’t even want a record of them talking about it,” Bragg said. “That’s been one of the primary obstacles to getting this addressed in the first place.”IETA Chief Executive Officer Dirk Forrister said the trade association does not do any negotiating. "We abide by a Code of Conduct that supports the UNFCCC’s goals and respects the different points of view of the many stakeholders,” Forrister told Bloomberg in an e-mail.The Wbcsd did not respond to a request for comment.“The legacy of fossil fuel corporate impact on the Unfccc process and the IPCC is both invisible and impossible to forget,” said CIC Director Kert Davies in a statement. “Fossil fuel interests have tried from the very beginning to undermine and infiltrate this difficult global agreement to make sure that it failed or faltered at each step. As they win, the planet loses.”To contact the author of this story: Luke McGrath in New York at lmcgrath18@bloomberg.netTo contact the editor responsible for this story: Joshua Petri at jpetri4@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • 5 High-Yield Dividend Stocks to Watch
    Motley Fool4 days ago

    5 High-Yield Dividend Stocks to Watch

    If you're looking for big dividends, these five stocks are worth a deep dive. But watch closely if you jump aboard these high yielders.

  • Exxon Mobil seeks bids for Norwegian offshore assets
    Reuters4 days ago

    Exxon Mobil seeks bids for Norwegian offshore assets

    Exxon Mobil is considering selling all of the stakes it holds in oil and gas fields off the Norwegian coast, a spokeswoman said. Two years ago the U.S. major - the world's largest oil company - sold its operated assets in the area. "Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway," Anne Fougner said, adding that no decision to sell had yet been made.

  • Reuters4 days ago

    UPDATE 1-Exxon Mobil seeks bids for Norwegian offshore assets

    Exxon Mobil is considering selling all of the stakes it holds in oil and gas fields off the Norwegian coast, a spokeswoman said. Two years ago the U.S. major - the world's largest oil company - sold its operated assets in the area. "Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway," Anne Fougner said, adding that no decision to sell had yet been made.

  • Barrons.com5 days ago

    How to Build Your Own ESG Portfolio

    Investors who decide to put their money where their values are have a small but fast-growing array of mutual funds and exchange-traded funds to choose from. At first blush, it sounds straightforward: By putting your savings in funds that assess how a company is addressing (or worsening) environmental, social, and governance, or ESG, factors, you hitch your investments to good corporate citizens, and may earn above-average returns. Here’s what investors should keep in mind as they construct a values-based portfolio.

  • 5 Top Stock Trades for Monday: AAPL, XOM, NVTA
    InvestorPlace5 days ago

    5 Top Stock Trades for Monday: AAPL, XOM, NVTA

    A day after the Fed's statement on Wednesday, the stock market ripped higher Thursday. On Friday, it cautiously hovered around flat as investors contemplate the Fed, the trade war and potential geopolitical issues with Iran. That said, there are some solid moves in individual names, leading the way for our top stock trades. Top Stock Trades for Tomorrow 1: Apple Click to EnlargeI really like the way Apple (NASDAQ:AAPL) is coiling just below $200. The FANG + Apple group came into Friday's session 13% or more below their all-time highs, with the exception of Amazon (NASDAQ:AMZN), which was about 6% below its highs.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 5 Boring Stocks to Buy This Summer It will be hard for the Nasdaq to hit new highs with this lagging action under way. If the trade-war rhetoric starts to improve though, AAPL could be a big winner.Over $200 puts $210+ on the table. If $200 is resistance though, look for trend and moving average support between $192.50 and $194. Otherwise, AAPL may need more time to setup. Top Stock Trades for Tomorrow 2: Exxon Mobil Click to EnlargeAbove is a long-term weekly chart of Exxon Mobil (NYSE:XOM). While not displayed, the stock barely reclaimed and closed above both its 50-day and 200-day moving average on Thursday. On Friday, it added to those gains, as it's now over the 50-week moving average as well (that's actually shown above).So now what?I want to see if XOM can put together a rally up toward $80, currently downtrend resistance (blue line). Above that mark calls for a test of range resistance near $83. Should shares falter from current levels, a decline to its 200-week moving average near $75 is in play. Below that and uptrend support around $73 is on the table, with range support at $70 just below that.Keep it simple and visual. Top Stock Trades for Tomorrow 3: Invitae Click to EnlargeInvitae (NASDAQ:NVTA) really burst onto the scene this year, running from about $10 in January to $26.77 in April. Wow, what a run! But the whole long setup fell apart when a head-and-shoulder formation sent shares reeling once neckline support near $22.50 gave way.Since then, $17 support held up fine as shares have been making their way higher once again. Friday's action looked disappointing, but long-term bulls have to be happy with it holding its 20-day and 50-day moving averages.NVTA is a speculative holding, but looks set for big long-term gains in my view.I would love to see it push through this $22 to $22.50 area, which marks prior neckline support as well as downtrend resistance (blue line). If it does, look for a gap fill up toward $24. If it can't push through $22.50, see if its moving averages can buoy the name again. Top Stock Trades for Tomorrow 4: The Trade Desk Click to EnlargeAnother high-octane growth name has been The Trade Desk (NASDAQ:TTD).Earlier this month, we called TTD a better sell than buy up near $260 channel resistance. While it wasn't overbought, going from $200 to $260 in just five trading sessions was too far, too fast.Momentum is starting to roll over (blue circle) and TTD is coming under pressure. I don't know if the 20-day saves it or if it will fall to the 50-day. Will it return to $200? I really don't know -- no one does.However, bulls who wisely took profits can start to rebuild a position near any of these key levels. It just depends on how comfortable they feel with the potential risk. $231 marked the recent low this month, so perhaps the 20-day isn't a bad spot to nibble. I would love another shot at TTD closer to $200 though. Top Stock Trades for Tomorrow 5: Nio Click to EnlargeThis is another one we recently warned investors about. Nio (NASDAQ:NIO) stock rallied up to prior downtrend support and the 20-day moving average.On Friday, these marks ruthlessly swatted Nio lower, as shares collapsed more than 8%. Now the $2.50 level is back on the table. Below and Nio stock will look quite ugly. Simply put, this is not one I want to be long. * The 7 Best Dow Jones Stocks to Buy for the Rest of 2019 If $2.50 holds, we need to see a move over the 20-day and downtrend resistance before it's even close to being a buy.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AAPl and AMZN. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 7 Best Dow Jones Stocks to Buy for the Rest of 2019 * 5 Boring Stocks to Buy This Summer * 7 S&P 500 Stocks to Buy With Little Debt and Lots of Profits Compare Brokers The post 5 Top Stock Trades for Monday: AAPL, XOM, NVTA appeared first on InvestorPlace.

  • Oil Posts Best Week Since 2016 as Trump Calls Off Iran Raids
    Bloomberg5 days ago

    Oil Posts Best Week Since 2016 as Trump Calls Off Iran Raids

    (Bloomberg) -- Oil rocketed to its biggest weekly gain in more than two years as U.S. President Donald Trump’s aborted air strikes against Iran left Middle East tensions simmering with the endgame uncertain.Crude futures rose in New York on Friday to complete a 9.4% rally for the week. Trump tweeted that he called off raids because of concern the death toll wouldn’t have been “proportionate” to Iran’s downing of an American spy drone earlier this week. Trump said he was in “no hurry” to respond, despite a series of provocations in the oil-rich region.The canceled attack sent a “very confusing” message, Daniel Yergin, an oil historian and vice-chairman at IHS Markit Ltd., said in a Bloomberg TV interview. “The fear is that this could pretty quickly escalate. There’s plenty of room for accident, misunderstanding, future incidents. The Iranians are in a corner.”West Texas Intermediate for August delivery closed 36 cents higher onFriday at $57.43 a barrel on the New York Mercantile Exchange. The U.S. benchmark notched its biggest weekly increase since December 2016. Brent for August settlement rose 75 cents to $65.20 on London’s ICE Futures Europe Exchange.Gasoline futures, meanwhile, jumped 3.9% as a fire raged at the biggest refinery on the U.S. East Coast.Hostilities have been mounting in the Persian Gulf region, source of one third of the world’s oil, with the drone incident, missile strikes on Saudi Arabia and an attack on tankers near the Strait of Hormuz. On Thursday, a rocket exploded near an Exxon Mobil Corp. workers’ camp in Iraq.An American attack on Iranian targets, which would have included air strikes, was close to being carried out when it was halted, according to a U.S. administration official who was granted anonymity to discuss a national security matter. The official wouldn’t discuss whether the plan might be revived.Despite crude’s recent rally, a prolonged U.S.-China trade war has dented the demand outlook. Washington and Beijing are set to resume talks next week, providing a glimmer of hope for the global economy. But investors want a resolution to the dispute, not merely more talks, said IHS’s Yergin.“The market is poised between where it was before, which was just gloom” and “the possibility that demand will spike up because there will be some kind of settlement with China,” he said. “If there isn’t, there will be real disappointment and that will certainly show up in the oil price.”Near-record U.S. crude production, meanwhile, is also weighing on prices. If tensions in the Mideast subside, Brent could slide back toward $60 a barrel, Carolyn Kissane, a professor at New York University’s Center for Global Affairs, said in an interview.“I don’t see us moving into a higher-price environment without something much more significant happening to the supply outlook,” she said.\--With assistance from Sharon Cho, Grant Smith and Alix Steel.To contact the reporter on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Carlos Caminada, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investor LGIM dumps ExxonMobil from its Future World funds
    Reuters5 days ago

    Investor LGIM dumps ExxonMobil from its Future World funds

    Britain's biggest asset manager has removed ExxonMobil and four more companies from its 5 billion pounds ($6.3 billion) Future World funds, and said it would vote against their chairs for failing to confront the threats posed by climate change. Legal & General Investment Management (LGIM), the fund arm of insurer Legal & General which has 1 trillion pounds under management, has been among the most vocal asset managers on climate risks, and will also divest from Hormel Foods, Korea Electric Power Corp, Kroger and Metlife.

  • Top Analyst Reports for ExxonMobil, Oracle & ADP
    Zacks5 days ago

    Top Analyst Reports for ExxonMobil, Oracle & ADP

    Top Analyst Reports for ExxonMobil, Oracle & ADP

  • Refinery fire, Iran tensions threaten to drive up gas prices
    Yahoo Finance5 days ago

    Refinery fire, Iran tensions threaten to drive up gas prices

    There isn't a lot of gas production capacity on the East Coast, so the refinery explosion in Philadelphia could push up gas prices.

  • Bloomberg5 days ago

    Large Exxon Shareholder Starts Divesting Over Climate Change

    (Bloomberg) -- One of Britain’s biggest fund managers started selling shares in Exxon Mobil Corp., saying America’s largest oil company isn’t doing enough to address climate change.Legal & General Investment Management, which oversees about $1.3 trillion and is one of Exxon’s top 20 shareholders, said some of its funds have already divested from the company and will ask its clients if it can withdraw more money.The global oil industry has become increasingly unfashionable for investors as the transition away from fossil fuels raises doubts about its long-term future. Energy stocks currently make up 5% of the S&P 500 Index, down from 13% a decade ago.The divestment affects a small portion of Exxon’s equity -- Legal & General owns about 0.6% of the company, and the divesting funds hold just a fraction of that -- but it intensifies pressure on the Texas firm, once the world’s largest public company. It will also be a fillip for campaigners who want investors to divest from the most polluting companies.Divestment is a way to “hold Exxon accountable for something that’s really material for their future,” said Meryam Omi, head of sustainability at Legal & General Investment Management. “People in the street who have their own pension that’s going to mature in 30 years time don’t get a chance to talk to Exxon themselves.”Exxon is the only oil major Legal & General is divesting, as competitors including Chevron Corp. and Royal Dutch Shell Plc meet or exceed the insurer’s basic standards on climate change action. It would also use its remaining shareholding in the company to vote next year against the reappointment of the chairman, a role currently held by Chief Executive Officer Darren Woods.Exxon is the largest of 11 companies that Legal & General said it will exclude from its “Future World” funds because of climate change risk. Others include MetLife Inc., Subaru Corp., Hormel Foods Corp., Sysco Corp. and Rosneft PJSC. Two companies it withdrew capital from last year for the same reason, Occidental Petroleum Corp. and Dominion Energy Inc., will be added back to the funds because they addressed concerns raised by the insurer.While standards differ by sector, Legal & General said it expects oil and gas companies to set targets to cut pollution in their own operations as a bare minimum. It also wants the company to disclose the volume of greenhouse gas emissions its operations and customers are responsible for each year.“We’re on track to meet greenhouse gas reduction measures we announced last year which are expected to help significantly to improve emissions performance,” Exxon spokesman Scott Silvestri said in an email. “They include a 15% decrease in methane emissions and a 25% reduction in flaring by 2020.”Exxon already publishes an annual tally of emissions from its operations and is “providing solutions to consumers to help them reduce their emissions,” Silvestri wrote.Legal & General declined to disclose the exact value of its divestment from the oil company. At the end of March, the stock made up 0.7% of one of the asset manager’s funds, according to its website. The overall value of that fund at the time was about 4.4 billion pounds ($5.5 billion), suggesting the Exxon stake was worth more than $350 million.Several other companies are “on the cusp” of divestment when it comes to climate action, according to Sacha Sadan, the director of corporate governance at the insurer’s investment unit, without saying which ones. And even those that were named as particularly strong on sustainability compared to their peers, such as Equinor ASA and French bank BNP Paribas SA, will be expected to continuously move their businesses away from polluting activities or risk being divested.“This engagement is not about picking up the laggards, it’s about pushing up the whole industry,” said Omi. “We need to keep the pressure on.”Returns at Legal & General’s Future World funds will suffer very little as a result of the divestments, Omi said. The difference between what the funds would return without divesting and what they will return otherwise, which she called a “tracking error,” will be less than 0.3%.The insurer is hoping to convince all clients to follow its advice around companies lagging in climate action, partly by demonstrating it doesn’t sacrifice returns. That could lead to further capital outflows.A campaigner at ShareAction, a London non-profit that helps investors engage with companies on climate change and other issues, said the move could also inspire other asset managers to reconsider their holdings.“We expect this to signal to markets the huge risk of investment inaction on the climate emergency ahead of us,” Jeanne Martin, senior campaigns officer at ShareAction, said.Veering away from companies that are performing well is a major departure from its peers and Legal & General’s own past. The insurer has held Exxon stock for about 20 years, and it’s the asset manager’s seventh-largest equity holding overall, worth about $2 billion at the end of March. Since the day it started its investment in Exxon, the shares have returned 200% in total, according to data compiled by Bloomberg.(Updates with an estimate of divestment value in 11th paragraph.)To contact the reporters on this story: Kelly Gilblom in London at kgilblom@bloomberg.net;William Mathis in London at wmathis2@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Joe Carroll, Helen RobertsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oilprice.com5 days ago

    Exxon’s Huge Iraqi Oil Deal Under Threat

    Contractual disagreements and the deteriorating security situation in the Middle East have threatened Exxon’s US$53-billion deal with the Iraqi government

  • Trump Warns Iran for Drone Attack: Oil Stocks in Spotlight
    Zacks5 days ago

    Trump Warns Iran for Drone Attack: Oil Stocks in Spotlight

    As the fate of crude exploration and production companies is positively correlated with the commodity price, the recent oil rally therefore perks up the crude weighted-stocks.