Exxon Mobil begins defense of itself, and a Big Oil future, as activists circle

Exxon Mobil begins defense of itself, and a Big Oil future, as activists circle

"More of the same, and a lot of it," says CFRA Research energy analyst Stewart Glickman of a newly unveiled plan from Exxon Mobil to reduce its greenhouse gas emissions. But Glickman, and others analysts even more critical of Exxon, say there is a logic and consistency to the oil giant's position that was reiterated on Monday.Source: ExxonMobilA week after multiple activist investor groups targeted Exxon Mobil for recent financial underperformance as well as climate change concerns, the oil giant has released a new five-year plan to reduce greenhouse gas emissions. The company stressed that the plan has been in the works for months — its previous five-year plan through 2020 is drawing to a close — but it also noted in outlining new carbon goals that the plan "includes input from shareholders." Whether Exxon Mobil's new attempt to address a lower-carbon future will satisfy shareholders likely depends on what a shareholder already expected of the company.Investors willing to bet that there is a decades-long roadmap for Big Oil without a fundamental rethinking of the business model will view the new steps as the incremental change needed to move into a future in which oil and gas remains relevant, and they