after that company that theyrejected if you look back starting in january, you heard the ceo of exxonmobilk about carbon recapture and talking about the paris accord and 2 degrees and 1.5 degrees. that is huge i heard the criticism that two board members doesn't change the mix. it does. two of the old board members are off. the third is still up for question that is a powerful change if you get all three on there is the stock investable? i own the whole market, brian. because oil and gas is really important in the usa and the world, i think it will be part of the conindex. we will own those stocks well into the future. my goal was to turn that company around from heading straight down the pike into the ground and turn it around for a brighter future. i think we started that on wednesday. >> are they the first or are they the only or are they unique you mentioned chevron and occidental is this a model to go after other big oil companies or is exxonmobil its own thing >> brian, i'll take it in two parts. shareholder activism you talk about activists they have some gains and losses. sharehold

>> let me get to that one second very quickly on exxonmobil - >> no, i want this >> exxonmobil is a buy >> no, i want this right here. sorry, we moved on let's go, please >> so what i would tell you is that there is clear resiliency within the market currently. you experienced a cryptocurrency excessive leverage sell-off. the market was able to power through that well. i think what you are seeing now is you are seeing a catch-up phase. you had the s&p and the dow industrial, which both made highs in the early part of may now you have the nasdaq, which last reached a high at the end of april that is now the leading index. scott, i think the opportunity becomes now looking towards the russell. i said on monday i think the market moves sideways with opportunity. the opportunity is lean towards the russell and small caps i gave patty, our producer, three names before i would focus on one is health equity that's obviously a health insurance name the second is m corps in the industrial space and then mollas and company in financials the russell is the most diversified index sector there is 76

look, exxonmobil made bad investments, returns haven't been great.t done a good job getting into alternative energy initiatives. maybe we ought to ought shake up the board. they were to wrest two seats away from the company. maybe that is just a shot in the dark but i think there is actually a touchstone that corporate america needs to pay attention to, which is to say, if you're underperforming your traditional metrics, performance, corporate earnings, share prices, whatever, and you're doing a poor job in your esg metrics, you could be targeted for, you know a board takeover such as we saw with exxonmobil. so i think, everyone needs to sort of pay attention here. charles: so we have had candid conversations about this issue on and off air. esg including you know, you just mentioned es-d score but there is no real standard definition of this scoring, right? everyone has their own notion what it is. more recently, phil, i'm seeing more articles saying the whole thing simply doesn't work there is no real changes to the environment. there is no real im

that is what exxonmobil has to do these sorts of one-off projects don't move the needle.has been trying to move the needle with bio-fuel innovation and carbon sequestration, but that has been overlooked this is a real threat to exxonmobil's dominance in the global energy industry >> john, you probably know the numbers of gross energy usage globally and how much is fossil fuels right now. we saw the colonial pipeline close and we got an awakening of what it was like in the '70s it was really bad. that was just nothing, what happened with colonial if we he made this transition to fast, it would hurt global gdp and effect lesser developed countries much worse than it would effect developed countries because they can't afford the higher price stuff it is really something that i think we need to tread lightly on at this point i want to ask you something quickly about evs. you can answer both questions. what is the best way to power the grid are we ready to power the grid for all of the evs not using fossil fuels right now what would we do nuclear? i don't know what would we do

that's 1-800-376-4376 >>> exxonmobil investor meeting is may 26th.ist pressure. of course engine one the activist in question supports pennsylvania funds seeking four board seats. joining us now is darren woods chairman and ceo of exxonmobil darren, great to have you back i do want to start off on what's less than two weeks away now that shareholder vote on your board nominees because this morning we got a report from iss, the influential proxy advisory firms and they are in support of three of the four ddi dicy -- dissidents they say in their conclusion that additional board change is fleed provide shareholder with sufficient confidence in the sustainability of exxon's business and one that should take precedence over an assessment of the general sustainability of the industry give me your response to what we heard this morning from iss. >> good morning, david good be with you obviously, we disagree with that recommendation we got one of the strongest boards in corporate america, one that we have been refreshing fairly regularly since i came in, in

so, if you're exxonmobil you're never going to appease the environmentalists because they want you to go out of business and not exit at all so there's no amount of appeasement that's going to work there. and cei has famously agreed with some policy choices that big oil companies have made. disagreed with other ones. we have our own policy and principle when its comes to thane on the we have done a lot of work on energy and environment issues. >> this would seem self-defeating. i do not believe it's a good idea, a horrible idea to imponch 'er the world of energy but if i wanted to put companies out of business that produce energy, would putting exxonmobil out of business is going to in the market playing empower sovereign countries producing energy? i don't have any sort of oversight or transparency into. don't know whats the saudis are doing. i who knows. >> this a really important question. some of this pressure campaigns against corporations not only are do we think they're bad policy and bad for market economy and undermine shareholder rights but there's sometimes going against th

a number of missteps on exxonmobil's part, too, in terms of how they approached all of this the activist at d.e. shaw, of course they chose to settle with and put new two new directors on the board and they thought that this would done and they never expected that engine one would be able to mount this type of campaign 0.2% and they get what may likely be three directors and that makes this watershed moment. that makes people question whether in fact the index funds, which proved so important in so many of these battle, given how much time they have spent court noog investors with an esg mantra to a certain extent will be much more of a significant vote when it comes to esg being on the agenda in certain proxy fights but again, i do, jim, want to come back to reminding people that exxon is, its its own enty and not clear if it would be the same outcome even if it would be esg, more of an esg agenda versus a, well, they say esg as well but a less esg agenda. >> had the stock done better, would the public have voted with darren, and maybe more important, when i look at the people, these ar

. >> and gamestop -- >> i think gamestop is still, it's still in -- >> exxonmobil i wanted to mentioneting, and the vote, and engine one, along with calpers, they've made a more robust showing than originally and will they win any directors? we'll see. but i think three of those, or four, and exxonmobil out this morning, with a shareholder letter and i noted in it, one thing in particular, because it is new, exxonmobil says that it will nominate two new board of directors in the next year, over the next 12 months, the language says, we will work with the board to secure two new directors, one with energy industry experience and one with climate experience and in some ways that does seem to be addressing the concerns of engine one there's a look at that very impressive board of directors, but they have an issue with it, and maybe exxon is taking this a bit more seriously now as they are two days away from the vote. >> the most liberal board. i mean it's an awesome board but it also is a board that i think, it defines why darren woods comes on our network and says things that make him s

the auto representation is minimal now. >> it is and by the way exxonmobil which i was just speakingbout, joined standard oil in 1928, and left in 2020 left, was booted by the way, almost always works to buy the one that's booted out. exxonmobil has had a great year. >> honeywell was booted out and then back in >> right. >> what was that about >> ge, look, a little more work on this compensation, it was strong, this company. >> yes, it was strong. >> we didn't talk enough about it. >> it was designed, mr. culp's compensation was designed the board said to make sure we stay, basically, make sure he was fully incented to stay but they did drop had from 12 to 6-something. in terms of where he actually was going to be -- >> stay, like he should have a cot in the office and never leave until the stock gets to 20 or at least he gets the gross margins like farley did, ebitda margin of, for 2023, 6.3, and 4.7 here, i would like to see larry culp get growth. but growth. >> and it is hard to get growth in the last year given what happened to the aircraft engine business overall >> greg over th

at the peak in 2007, when it was the biggest company in the world at the time, exxonmobil had a marketjust $520 billion. it seems quaint. it is just about half of what facebook is now. it is also more than twice the size, by the way, of the entire economy of germany $8.3 trillion. check this out the combined market cap of those five horsemen of heft, as we will call them, is now about the same size of the combined valuation of the lower 370 stocks in the s&p 500. nobody may care. these are all innovative and incredible companies investors love maybe it is time for standard & poor's 500 to create a new index. shall we offer up the idea of the s&p 5? you're welcome, s&p. random, but interesting. 5 more than 370. >>> back to the broader markets and welcome in gel kilburg congratulation, jeff we with wil we withl put your feet to the fire are you thinking jostocks are a good buy >> i'm constructive on the marketplace. it is a dual threat situation. we are excited about justin fields what we see the dual threat is the expectation of earnings season nearly 22 net percent have been beaten tha

for its part, engine one, says exxonmobil has no credible plan to protect value in an energy transition given that so many shareholders supported at least two of their nominees, does that make you rethink your plan or how aggressive you are being in terms of value in an energy transition >> well, i think we put our plans together and we do that with the board in review it starts with the fundamentals and looking at the long-term fundamentals and we use obviously our own work to understand that, but also credible third parties we use the climate change, the iea scenarios, build those if you tell fundamentals up and develop plans that are consistent with those fundamentals and also robust to a wide range of potential scenarios, including the two degree scenarios in a much lower carbon future. so our plans are robust to that and, frankly, we look forward to having the chance to share those plans. we'll adjust as we get new information and we see if things evolve we'll adjust the plans as we go forward. we felt good about what we've got today. >> yeah, i know that but did shareholders misun

including the battle over exxonmobil, christina partsinevelos is back with more.was soybeans, by the way exxon is facing off with one group, pressuring climate to address the growing fossil fuel industry the company shareholders will vote on engine number one to claim four seats on that board meanwhile, reports say that blackrock is throwing its support behind several of engine's picks to join the board. several ceos from some of america's biggest panks are heading to capitol hill. jp morning, jamie dimon, morgan stanley's james gorman, bank of america, brian moya hand, goldman sachs' david sullivan will face the house committee tomorrow and efforts to fight systemic racism republicans are also expected to grill the ceos on claims of, quote, woke capitalism over corporate america's focus on progressive social causes. >>> and uber ceo says he's not happy with how long it's taking for drivers to pick up riders or the price that customers are being charged. speaking yesterday, he said the demand for rides has outpaced the supply of drivers as more people start to tra

it was a surprise victory for a small hedge fund that's pushing exxonmobil to take the climate crisis seriously and to accelerate the transition to clean energy. also on wednesday, 61% of chevron's shareholders voted to slash greenhouse gas emissions. australia's second most populous state of victoria has been ordered on coronavirus lockdown, affecting about 7 million people. contact tracers say they've identified 10,000 primary and secondary contacts who will need to be quarantined. australia has recorded just 30,000 conavirus cases and fewer than deaths after taking 1000 an aggressive approach against outbreaks. taiwan is battling its worst outbreak of the pandemic with hundreds of new infections reported each day. taiwan has had one of the world's most successful campaigns against covid-19 and it went more than 250 days without reporting any community spread. meanwhile, a new report finds at least 19 countries where covid is rampant are at risk of running out of oxygen supplies for patients. a review by the bureau of investigative journalism found critical oxygen shortages in argen

earlier this year, for example, exxonmobil announced a $100 billion carbon capture and storage project in the houston area otherwise known as the energy capital of the world. this would create a carbon capture innovation zone to significantly reduce carbon emissions. exxonmobil estimates this project has the potential to store up to a hundred million metric tons of carbon per year by the year 2040. a decade later carbon -- houston could be carbon neutral. these kind of developments think are incredibly exciting, and they showcase once again the power of innovation not by the government but by the private sector. if we're able to reduce emissions without harming our energy security, raising taxes, or killing high-paying jobs or driving up costs to consumers on a fixed income, why wouldn't we? breakneck changes in technology have fueled our economy, propelled the communications sector, and completely transformed our daily lives. it's time to harness american ingenuity to revolutionize the energy sector. smart policies can't prioritize only conservation, productivity, or economic power. w

listen, just the fact that blackrock owns exxonmobil. it is their third largest holding. it more than just, is it just lip service? or will this thing one day really start to dictate how companies run their businesses, who gets to sit on the board of directors? >> well, we have a bloomberg chat with, we have about 600 institutions, institutional investors. one thing they're talking about, almost every day over the last couple months is the esg situation hasn't allowed coal companies, uranium companies, a lot of other companies in the energy space cannot finance themselves because they're coal or met coal. that is steel production, right? you can't finance your, what is called your cap-ex, that means you're not finding new coal. that means when you go to do a big infrastructure plan in washington, another two trillion, 3 trillion bucks, there is 44,000 bridges in america that are more than 30 years old. so we need steel. that steel is made with coal. this esg thing is going to backfire, charles, because these coal companies have not been able to find new coal. so when we h

two exxonmobil directors have been ousted after a battle with an activist.estor engine number one, the hedge fund has won at least two seats on the board, another two are too close to call. it says exxon is dragging its feet on the climate crisis. and in what some are calling a historic decision a court in the netherlands is ordering shell to cut its carbon emissions more aggressively than planned. shell says it will appeal. shareholders also have a warning for chevron, a majority of them voted in favor of a proposal to cut emissions generate bd i using the company's products. >>> meteorologist derek van dam is here to break it all down for us. a trifecta of losses for the oil industry. how big are these developments for those fighting climate change? >> these landmark decisions against exxon, chevron, as well as shell couldn't have come a moment too soon or any sooner because we are edging, the planet, closer and closer to that 1.5 degree celsius agreement set in 2015 back in paris. what you are looking at behind me is a graph with the temperature trends, t

pro climate investor engine number one won two seats on exxonmobil's board.'s shares. it was one of the cost least proxy fights in corporate history and it puts exxon's fossil fuel strategy now in doubt with those two board seats held by these activists. engine number one said exxon is dragging its feet on the climate crisis. it sends a clear message to other fossil fuel companies that these environmental investors they are gaining more influence in the boardroom. the vote is just another blow to exxon. last summer it was kicked out of the dow and it has lost nearly $200 billion in market value since it's peak. >>> the other big story, a court in the netherlands ordering shell to cut its carbon emissions and fast. the decision could have far reaching effects on energy companies and energy users. that is all of us and for the climate crisis. cnn's clare sebastian has more on all of this. >> reporter: this was a highly significant ruling because it essentially demonstrates that a court can find an energy company legally liable for climate change. the background

that have come into focus after a group of insurgents with not lot of money snagged board seats at exxonmobil. how important are environmental and social governance issues to a consumer focused industry? we'll turn to mondelez, the snacking kingpin that made one brilliant move after another we have williams-sonoma with a big yawn after an amazing quarter. well, then we have three first blush stories. salesforce, which reported great numbers and got credit for them. gap, which reported unbelievable numbers but confused people. and hp, which clobbered the numbers and saw its stock get clobbered. beginning with salesforce, yes, salesforce i want to start with what i call a blank slate, or maybe a blank face, devoid of blush to find out what is really going on. not in a hurry but with some thought. here's the stock that's been stuck in a rut ever since it announced it's buying slack, but when they reported, they shot the lights out delivering a strong top and bottom line beat excellent guidance for this quarter and for the full year. you know what, for once, the market actually likes it wonder of

back to you >> thank you >>> cokourt, we talked about one of your stocks exxonmobil, you sold it.osh,s as you called him trb for his twitter handle, he talked about discipline whether you are a technical disciplinarian or looking at valuations and thinking stocks are fairly valued, hi a price target of 62 on exxon. he s i set it and forget it, and i sold it. i believe exxon is one of the few energy companies that is trying to pivot their stance, and i think from a climate change and environmental perspective as much as they can, right, but ultimately it is just not a name that i wanted to continue to play in and made a little bit of money, hit my price target and i was out >> okay >> no more implicated than that, scott >> i hear you. it is a good segue into our next conversation, which is about ford, as we said making a big bet on electric and the shares are higher today. we can show you the video, too they unveiled their new electric f-150 lightning pickup there it is. it is pretty sweet elon musk likes it too, apparently he says congrats to ford on embracing an electric future t

energy right now it is almost ridiculous as a matter of fact i added a little more today by buying exxonmobil calls i had seen buying in the xlt, that is obviously chevron and exxon, the big two instead of going with the etf, i would rather be in individual names. so i pivoted over and bought exxon calls rather than xle calls. so i continue to grow more and more in the energy space in terms of my exposure i feel really comfortable about it chevron is virtually the only pure play i have in the energy space. i have kmi and i love that f names, but in terms of oil and gas i'm looking directly at chevron. i still think there's upside, scott. >> yeah. i just can't remember -- maybe i am missing something, but they initiated the new position in chevron in the third quarter of 2020 according to a filing at that time. now they've cut it in half already. i just can't remember a holding that the berkshire folks cut in half after owning for such a short period of time maybe somebody can throw it at me but i can't think of one off the top of my head. >> hey, judge, judge. >> real quick, go ahead. >> they

first up, a stunning corporate insurrection at exxonmobil.activists have infiltrated the oil giant, winning at least two seats in the corporate board room out of 12, exxon lost the two board seats on wednesday to a small hedge fund that holds fewer than 1% of its shares. the activist firm called engine no. 1 has the backing of black rock, which is one of exxon's top shareholders, and contends exxon isn't being aggressive enough with emission reducing measures. engine no. 1 says exxon needs directors to help term the climate crisis into a long-term business plan, not a talking point. exxon is not the only giant losing ground to activists among shareholders, chevron was forced to pledge deeper cuts to its carbon emissions after shareholders approved a new resolution this week. chevron has to reduce emissions in the production products and in the product it sells to consumer. plus, a landmark court ruling. a court in the netherlands ordered royal dutch shell, one of the world's largest oil and gas companies, to cut green house gas emissions by 4

. ♪ yeah that's the thing when there's these -- haidi: a tiny activist investment firm has -- exxonmobilrd. it's unprecedented in the oil industry. our reporter, kevin crowley, joins us now. this could be a third seat that is still being determined but regardless, is this an inflection point for how the credibility of esg and how seriously it is perceived within big oil? kevin: it certainly is a watershed moment. the environmental campaign has really been gathering pace in europe and here in the u.s., but now, it's very much in the boardrooms of the very biggest companies, oil and gas companies on the planet and this is a situation where the ceo of exxon puts his personal credibility on the mind to reject -- to encourage shareholders to reject this activist investor and the shareholders roundly decided to vote against him with the two dissident directors being elected so -- just in the last couple of hours, blackrock, which is exxon's second-biggest shareholder, came out and said it supported three of the activists -- the activists, the directors, which is a big rebuke for exxon. shery:

. >> dana: it's as if for comparison sake imagine that exxonmobile was writing specific guidance on climate giving it to a republican administration at the department of energy and they issued it. >> bill: fair point. the white house saying the president takes cdc guidelines very seriously and continues to wear a mask outdoors in order to be on the safe side. >> we do take some extra precautions for him because he is the president of the united states. but i would say that people should follow the cdc guidelines and take advantage of getting the vaccine, getting fully vaccinated, and taking that mask off. >> dana: pete hegseth is co-host of "fox & friends" weekend. this whole mask thing is happening across the country. maybe not all across the country. maybe more on the coasts. for example there is a school in brooklyn saying we're going to wear masks indefinitely forever for the rest of our days because they think that they are more superior and the right thing to do. but the scientists are saying it's not the case. >> of course they're not because it is not at this point about signs. of c

to be active in the marketplace and look for apple at 125, microsoft giving you discounting and exxonmobile's interesting value to be had here i do think you perhaps use derivative for limited exposure in order to keep your cash levels high here. >> you both are looking forward to another season of good earnings. >>> a big merger today, discovery and warner media julia, meade was the worst performing sector today. >> that's right. those shares trading lower on the heels of this mega merger which creates one of the biggest media companies in the world discovery brings global sports and reality tv strength along with warner media's news, domestic sports and original content there with hbo and hbo max. this is a play for scale in advertising and streaming. discovery's ceo david zaslav saying that they could reach as many as 400 million subscribers. >> we'll be able to super serve advertisers. i think it will help the cable operators drive the bundle itself, which i think will be helpful to them. but most importantly, right now we're spending -- this business that john and i are creating toget