Campaign ExxonMobil Says ExxonMobil on Defensive Over Global Warming

Threatened By Boycotts and Faced With Shareholder Resolutions, Company Revs Up

PR Machine



Apr 17, 2001, 01:00 ET from Campaign ExxonMobil

    AUSTIN, Texas, April 17 /PRNewswire/ -- The following was issued today by
 Campaign ExxonMobil:
 
     ExxonMobil is going on the defensive today with a spate of editorials
 defending the company's position on global warming.  The company's response
 appears to be the result of calls by Green parties worldwide for a boycott of
 the company as well as efforts by its own shareholders to make the company
 take responsibility for its role in global warming.  Most of the company's
 revenue comes from overseas where many boycott supporters are potent political
 forces.  The company's 2000 annual report states it earned $10.2 billion from
 overseas sales, while it earned $6.8 billion in the US.
     On Monday, April 16th, participants at the Global Greens 2000 conference
 formally resolved to boycott ExxonMobil and other US corporations for their
 resistance to the Kyoto Protocol.  The Protocol sets binding emissions
 reduction targets and was signed by 160 nations in 1997.  Environmentalists
 view the US companies as instrumental in convincing President George W. Bush
 to abandon the protocol.
     "Investors ought to be concerned that ExxonMobil has positioned itself as
 the most important global environmental target on what many people see as the
 most important global environmental issue," said Peter Altman of Campaign
 ExxonMobil.  Campaign ExxonMobil is a US based coalition of religious and
 environmental groups that has been working to convince ExxonMobil to take
 responsibility for global warming.  "Even a small change in buying habits
 could translate into tens or hundreds of millions of dollars in lost
 revenues."
     ExxonMobil acknowledged its concerns about the boycott when it announced
 yesterday that it would launch a public relations blitz with advertisements
 placed in Tuesday's New York Times, the Wall Street Journal, and the
 Washington Post.
     The boycott efforts may give new leverage to Campaign ExxonMobil's efforts
 to change the company from the inside.  The group is building support for two
 shareholder resolutions which call on the company to make a commitment to
 develop renewable energy and make it more responsive to environmental issues.
     "This year's shareholder resolutions give investors a way to turn down the
 heat on ExxonMobil; they give investors a choice between losing money to a
 boycott or investing money in solutions," said Altman.  Institutional
 investors that have difficulty accommodating the long-term concerns about
 global warming are more likely to recognize the short-term impacts a global
 boycott could have.
     Campaign ExxonMobil recently published investor briefings discussing the
 short and long-term arguments in favor of the two environmental resolutions.
 The briefings can be found at www.campaignexxonmobil.org.
 
      For More Information Contact:
      Peter Altman, Campaign ExxonMobil
      (512) 479-0335 or 512-750-0373
      altman@campaignexxonmobil.org
 
 

SOURCE Campaign ExxonMobil
    AUSTIN, Texas, April 17 /PRNewswire/ -- The following was issued today by
 Campaign ExxonMobil:
 
     ExxonMobil is going on the defensive today with a spate of editorials
 defending the company's position on global warming.  The company's response
 appears to be the result of calls by Green parties worldwide for a boycott of
 the company as well as efforts by its own shareholders to make the company
 take responsibility for its role in global warming.  Most of the company's
 revenue comes from overseas where many boycott supporters are potent political
 forces.  The company's 2000 annual report states it earned $10.2 billion from
 overseas sales, while it earned $6.8 billion in the US.
     On Monday, April 16th, participants at the Global Greens 2000 conference
 formally resolved to boycott ExxonMobil and other US corporations for their
 resistance to the Kyoto Protocol.  The Protocol sets binding emissions
 reduction targets and was signed by 160 nations in 1997.  Environmentalists
 view the US companies as instrumental in convincing President George W. Bush
 to abandon the protocol.
     "Investors ought to be concerned that ExxonMobil has positioned itself as
 the most important global environmental target on what many people see as the
 most important global environmental issue," said Peter Altman of Campaign
 ExxonMobil.  Campaign ExxonMobil is a US based coalition of religious and
 environmental groups that has been working to convince ExxonMobil to take
 responsibility for global warming.  "Even a small change in buying habits
 could translate into tens or hundreds of millions of dollars in lost
 revenues."
     ExxonMobil acknowledged its concerns about the boycott when it announced
 yesterday that it would launch a public relations blitz with advertisements
 placed in Tuesday's New York Times, the Wall Street Journal, and the
 Washington Post.
     The boycott efforts may give new leverage to Campaign ExxonMobil's efforts
 to change the company from the inside.  The group is building support for two
 shareholder resolutions which call on the company to make a commitment to
 develop renewable energy and make it more responsive to environmental issues.
     "This year's shareholder resolutions give investors a way to turn down the
 heat on ExxonMobil; they give investors a choice between losing money to a
 boycott or investing money in solutions," said Altman.  Institutional
 investors that have difficulty accommodating the long-term concerns about
 global warming are more likely to recognize the short-term impacts a global
 boycott could have.
     Campaign ExxonMobil recently published investor briefings discussing the
 short and long-term arguments in favor of the two environmental resolutions.
 The briefings can be found at www.campaignexxonmobil.org.
 
      For More Information Contact:
      Peter Altman, Campaign ExxonMobil
      (512) 479-0335 or 512-750-0373
      altman@campaignexxonmobil.org
 
 SOURCE  Campaign ExxonMobil