Major investment firm dumps Exxon, Chevron and Rio Tinto stock

[Tommy Tainant]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

 

[ReinyDays]

So .. I checked Exxon share prices ... they're down a'bout a buck ... if this is why, then Nordic failed, doesn't matter if they hold shares, someone will ...

I was wondering why prices fell so much at the beginning of the pandemic ... I know the SARS outbreak hurt the economy some, but not half, from about $70 down to $30 per share ...

Ah ... I forgot the was a oil price war then ... Russia and Saudi Arabia flooding the market trying to drive North American producers under ...

Is Nordic divesting their positions in these two countries? ... didn't think so ... Exxon absolutely doesn't care and will continue to lobby Congress for their own benefit, not yours, Exxon's ...

 

[ding]

So .. I checked Exxon share prices ... they're down a'bout a buck ... if this is why, then Nordic failed, doesn't matter if they hold shares, someone will ...

I was wondering why prices fell so much at the beginning of the pandemic ... I know the SARS outbreak hurt the economy some, but not half, from about $70 down to $30 per share ...

Ah ... I forgot the was a oil price war then ... Russia and Saudi Arabia flooding the market trying to drive North American producers under ...

Is Nordic divesting their positions in these two countries? ... didn't think so ... Exxon absolutely doesn't care and will continue to lobby Congress for their own benefit, not yours, Exxon's ...

Driving North American shale oil producers "under" was a happy byproduct. The Saudi's real target was Russia. What the following article doesn't mention is the long standing division - which is the root cause of their conflict - between Saudi Arabia and Russia because Syria rejected the Qatar pipeline.

Saudi Arabia floods markets with $25 oil as Russia fight escalates

Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, five trading sources said on Friday.

www.reuters.com

.

 

[Toddsterpatriot]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

 

[Tommy Tainant]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

 

[Toddsterpatriot]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

Exxon has just been dumped from the Dow.

Wow. It was probably because of Storebrand, eh?

Looks like bad days for dirty energy.

Yeah, people are gonna stop using oil fer sure!

 

[ReinyDays]

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

They'll still be traded on the NYSE ... Exxon has been removed and replaced as one of the 30 industries from the Dow Jones Industrial Average is all ...

Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added

The Dow Jones Industrial Average, a collection of stocks that provide a gauge for how the markets are performing, is replacing three of its members.

www.usatoday.com

We'll see Sept. 1st if this effects share values ...

 

[whitehall]

WTF? Storebrand is based in Norway and Norway's economy relies on oil drilling.

 

[Oddball]

WTF? Storebrand is based in Norway and Norway's economy relies on oil drilling.

The hell you say?!?

You mean that there could be another motive for this move, and the "undermining climate solutions" blather could be nothing more than a big virtue signal?

Say it ain't so!

 

[theHawk]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

LOL, are you a fucking retard? The Dow is only the 30 largest companies, and is constantly changing.

 

[Tommy Tainant]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

LOL, are you a fucking retard? The Dow is only the 30 largest companies, and is constantly changing.

And now they have dumped exxon. Its a sign of the times. We are winning.

 

[Toddsterpatriot]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

"We aim to maintain our position as a leading provider of sustainable solutions," Saugestad said in a statement. "With this policy we will excel and improve our work on climate and greening the financial system. We will use all the tools at our disposal, including divestment, investing more in solutions and engaging with companies in order to achieve substantial change."

The divestment, completed this year, represented a small share of the fund's assets, Bloomberg News reported. The fund divested a total of $47 million, almost half of it from Exxon and Chevron

Norway’s Largest Private Asset Manager Divests in Chevron, Exxon for Lobbying Against Climate Action

UK nonprofit InfluenceMap has reported that Exxon, Chevron, Shell, BP and Total spend around $200 million a year working to delay or block climate policies, according to The Guardian. While the fund did not divest from major European oil companies like BP or Norway's own Equinor, they are not...

www.ecowatch.com

XOM market cap, about $166 billion.
CVX market cap, about $157 billion.

Wow! They dumped about 0.007% of the outstanding shares.
Is this a larger than usual "win" for the greens?

 

[Blackrook]

Exxon will somehow survive this.

 

[Toddsterpatriot]

And now they have dumped exxon. Its a sign of the times. We are winning.

If someone bought Exxon in the week after you claimed victory, they'd be up over 50%.
Plus almost 7% in dividends. Looks like Storebrand lost.........

 

[ThunderKiss1965]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

LOL, are you a fucking retard? The Dow is only the 30 largest companies, and is constantly changing.

And now they have dumped exxon. Its a sign of the times. We are winning.

You should immediately stop using any product that uses oil in it's production so that you can "win" some more.

 

[jc456]

Major investment firm dumps Exxon, Chevron and Rio Tinto stock

Storebrand says corporate lobbying to undermine climate solutions is ‘unacceptable’

www.theguardian.com

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Fantastic news. These corporations are a corrosive influence on our society. I hope that other Funds follow suit. My best performing fund this year invests in green companies and thus is the direction of travel now.

We still need oil but these corrupt bastards should concentrate on producing that safely and stop all their regressive nonsense.

Wow!
Literally thousands of shares.
How will they survive?

Exxon has just been dumped from the Dow. Looks like bad days for dirty energy.

LOL, are you a fucking retard? The Dow is only the 30 largest companies, and is constantly changing.

And now they have dumped exxon. Its a sign of the times. We are winning.

You should immediately stop using any product that uses oil in it's production so that you can "win" some more.

he'd need to turn his computer off.

 

[badger2]

Rio Tinto destroyed Juukan gorge, after 46,000 years of Aborigine occupation.

11 Sep 2020 Rio Tinto Chief Steps Down

Rio Tinto chief Jean-Sébastien Jacques to quit over Aboriginal cave destruction

Jean-Sébastien Jacques and other top executives will step down after the miner blew up sacred sites.

www.bbc.com

 

[ding]

So .. I checked Exxon share prices ... they're down a'bout a buck ... if this is why, then Nordic failed, doesn't matter if they hold shares, someone will ...

I was wondering why prices fell so much at the beginning of the pandemic ... I know the SARS outbreak hurt the economy some, but not half, from about $70 down to $30 per share ...

Ah ... I forgot the was a oil price war then ... Russia and Saudi Arabia flooding the market trying to drive North American producers under ...

Is Nordic divesting their positions in these two countries? ... didn't think so ... Exxon absolutely doesn't care and will continue to lobby Congress for their own benefit, not yours, Exxon's ...

Yeah, there was a double whammy that hit the oil industry in Feb 2020. But oil prices are back up. Last time I checked it was $65 per bbl.

BP is reinventing itself from an oil and gas producer to a renewable energy producer. They are phasing out oil and gas. Or at least that is their stated plan. Let's just say the market appears to be skeptical about their long term viability given their stock price relative to Exxon and Chevron. Only time will tell if BP is serious about reinventing itself or just trying to green wash themselves. But if they are, UK pensioners shouldn't expect a return to the dividends that were cut last year.

Also, BP took advantage of the price drop to write down 16 or 17 billion in book value. It's an accounting sleight of hand that allows them to clear bad investments from their books that would have dragged down earnings for years to come.