Fracking at top of Chevron, Exxon meetings - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Fracking at top of Chevron, Exxon meetings
Started:May 30th, 2012 (08:04 PM) by kbit Views / Replies:153 / 0
Last Reply:May 30th, 2012 (08:04 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Fracking at top of Chevron, Exxon meetings

Old May 30th, 2012, 08:04 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

Fracking at top of Chevron, Exxon meetings

SAN RAMON, Calif./DALLAS (Reuters) - Concerns about hydraulic fracturing among investors have eased at Chevron, even as they have increased at Exxon, and pressure to name independent chairmen at the two largest U.S. oil companies has also grown.

Familiar groups of protesters descended on the respective annual meetings in California and Texas, and each had the added flavor of the Occupy movement that spread across the country last year.

One of about 80 protesters outside Chevron Corp (NYS:CVX - News) headquarters in San Ramon waved a sign that said "Fracking is environmental rape," while others called on the company to better address its protracted legal battle in South America over oil pollution.

Energy companies use hydraulic fracturing, or fracking, to create fissures in rock like shale that allow oil and gas to escape. In the process water, sand and chemicals are pumped at very high pressures into wells drilled deep into the ground.

"If you think the reputational risks are bad with people coming from Ecuador, wait until they come from Pennsylvania and Colorado," said Larry Fahn, president of investor pressure group As You Sow, while arguing for a Chevron shareholder proposal on the risks of hydraulic fracturing.

Yet concerns about the oil and gas production practice among shareholders were notably more subdued. After a similar fracking resolution at the 2011 meeting had support from a surprisingly high 41 percent of Chevron shareholders, a similar proposal got 27 percent backing this year.

Support among Exxon Mobil Corp. (NYS:XOM - News) shareholders for such a resolution rose to just under 30 percent from 28 percent last year.

There was also a Chevron resolution on appointing a board director with environmental expertise, but an early vote count showed 23 percent supported it, down from 25 percent last year.

Activists had seized on the resolution as a sign of investor discontent with Chevron's handling of a hotly contested $18 billion verdict against it in Ecuador. The proposal was even backed by the advisory firm Institutional Shareholder Services.

Chevron Chief Executive John Watson, speaking to reporters after the meeting, said the amount of evidence assembled by his company's lawyers casting doubt on the Ecuador case meant it was no longer a "he said, she said" story.

Watson acknowledged concerns about fracking being safely done were "fair game" and Chevron wanted to address the issue in conversations with local communities and their advocates.

"It's not clear to me what additional information (needs) to be disclosed," he added.

Watson also serves as chairman of the Chevron's board, and a proposal on giving that job to someone independent received support from 38 percent of shareholders. Support for an independent chairman of Exxon rose to 35 percent from 31 percent a year ago.

Exxon shareholders, who gathered in Dallas, threw more support behind the executive compensation package after the world's largest publicly traded oil company made an effort to seek more input on the matter.

That effort appeared to pay off: 78 percent of shareholders cast a non-binding vote in favor of compensation for the executives, up from 67 percent last year.

Exxon CEO Rex Tillerson's total compensation rose 20 percent in 2011 to $34.9 million, a year when the company's stock price was up 16 percent and profit grew 35 percent.

About 25 protesters gathered outside the meeting, holding signs that included: "Exxon Loves Millionaires."

Tillerson said the company, the largest U.S. producer of natural gas, was contemplating gas exports from Canada and the U.S. Gulf Coast because supplies were more than enough to meet demand. Natural gas prices have hit their lowest in a decade.

Asked about the potential for Chevron exporting natural gas from the United States, Watson said the company had taken a look at it, but was not interested at this time.

Fracking at top of Chevron, Exxon meetings - Yahoo! Finance

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Fracking at top of Chevron, Exxon meetings

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
European Stocks to Open Flat; Eyes on EU Meetings Quick Summary News and Current Events 0 November 29th, 2011 01:30 AM
OPEC Disarray Lifts Oil Prices: 'One of Worst Meetings Ever' Quick Summary News and Current Events 0 June 8th, 2011 11:50 AM
Alternative for DimDim - desktopsharing & private meetings jharthun Off-Topic 2 January 8th, 2011 11:45 AM
Automatically Trading EURIBOR @ ECB meetings Ryanb Elite Automated Trading 3 December 27th, 2010 08:27 AM
Free use of our Webinar system to coordinate your own meetings Big Mike The Elite Circle 11 June 15th, 2010 04:17 PM

All times are GMT -4. The time now is 09:16 AM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-27 in 0.06 seconds with 19 queries on phoenix via your IP