Bloomberg: Exxon investors seek dividend boost in lieu of new fields

Activist investors who called a truce with Exxon Mobil Corp. this year over climate change disclosures demanded the world’s biggest energy company give cash to shareholders rather than invest in costly new oilfields. Arjuna Capital and a group called As You Sow filed a shareholder proposal with Exxon that calls on the Irving, Texas-based company to shift cash bound for carbon-intensive oil projects into bigger dividend payouts and share buybacks.

Plowing capital into new discoveries only increases Exxon’s inventory of assets that could become stranded and unusable as governments around the world tighten restrictions on greenhouse gases linked to climate change, investors said in a statement today.

Read the rest of the article in Bloomberg.