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Rockefellers divest from Exxon & other fossil fuels due to climate change

JumpinJack

JumpinJack

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HOUSTON/NEW YORK (Reuters) - The Rockefeller Family Fund said on Wednesday it will divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil Corp <XOM.N>, saying the oil company associated with the family fortune has misled the public about climate change risks.

Though only a sliver of the endowment's modest $130 million in assets is invested in fossil fuels, the move is notable because a century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil. The charity said it will also divest from coal and Canadian oil sands.

Given the threat posed to the survival of human and natural ecosystems, "there is no sane rationale for companies to continue to explore for new sources of hydrocarbons," the Rockefeller Family Fund said.
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https://finance.yahoo.com/news/rock...els-hits-exxon-climate-161946355--sector.html

Hmmmm. This is big. A bad time to divest, since the shares are at reduced prices.
 
EMNofSeattle said:
I guess it's time to go buy some exxon stock, because regardless of what the greenies claim, they will keep buying oil, and company stock will go up again. so once exxon bottoms out from this divestment go get yourself some stock.
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Yes. If you don't care about the enviroment, the temperature, hurricanes, tornadoes and other natural disasters. As you imply you don't. Free country. Better yet, go to China, where they don't even believe in having an EPA. (Take your mask with you, so you can breathe.)

Fossil fuels are not going to be the great investments they have been in the past. Times have changed.
 
longview said:
Maybe, Exxon is much more than the oil price, remember they do not sell oil,
but refine it into finished petrochemical products, that they then sell.
If the cost of procuring the raw material for the refinery is lower,
it does not change their profits much.
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Exxon also does exploration and production.
 
JumpinJack said:
Yes. If you don't care about the enviroment, the temperature, hurricanes, tornadoes and other natural disasters. As you imply you don't. Free country. Better yet, go to China, where they don't even believe in having an EPA. (Take your mask with you, so you can breathe.)

Fossil fuels are not going to be the great investments they have been in the past. Times have changed.
Click to expand...

Blah blah blah blah.

I drive a car, eat food, and use plastic products. I'm not about to bite the metaphorical hand the literally feeds me.

find me something better and we'll talk.
 
JumpinJack said:
Exxon also does exploration and production.
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I am aware, but Exxon mostly does not sell oil, but explores and extracts to feed their own
refineries. What they sell is finished petrochemical products.
This is reflected by the difference in the drop in the price of oil, to the drop in Exxon stock.
Oil is less that half it's price from 2011, whereas Exxon is only down about 20%.
 
longview said:
I am aware, but Exxon mostly does not sell oil, but explores and extracts to feed their own
refineries. What they sell is finished petrochemical products.
This is reflected by the difference in the drop in the price of oil, to the drop in Exxon stock.
Oil is less that half it's price from 2011, whereas Exxon is only down about 20%.
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Yes, Exxon is in the business of various aspects of fossil fuels, including E&P, refining, etc., etc. It may even sell Cupie Dolls on the side. Not sure what your point is.
 
JumpinJack said:
Yes, Exxon is in the business of various aspects of fossil fuels, including E&P, refining, etc., etc. It may even sell Cupie Dolls on the side. Not sure what your point is.
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Sorry, many people link Exxon's fortunes to the price of oil, but the costs of goods sold of the
products they sell is more complicated than that.
If they sold oil only, the price being down would be bad.
The price of oil is only the price of their feedstock, so lower cost of feedstock is good.
 
JumpinJack said:
Yes. If you don't care about the enviroment, the temperature, hurricanes, tornadoes and other natural disasters. As you imply you don't. Free country. Better yet, go to China, where they don't even believe in having an EPA. (Take your mask with you, so you can breathe.)

Fossil fuels are not going to be the great investments they have been in the past. Times have changed.
Click to expand...

There is zero evidence of increased hurricanes, tornadoes or other natural disasters.
 
Climate News
Uh, oh. Rockefellers Admit Paying For #ExxonKnew Media Coverage

From the “cloak and dagger journalism for hire” department comes this today from EnergyInDepth and Katie Brown, PhD In a stunning admission, Lee Wasserman, Director of the Rockefeller Family Fund (RFF), today openly admitted that the Rockefellers are pouring millions of dollars into “media” organizations like InsideClimate News (ICN) and projects at Columbia University School of…
 
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