Milloy rips at ExxonMobil management for supporting climate alarmism

Audio of Steve Milloy from yesterday’s annual meeting of ExxonMobil shareholders. Write-up of shocking meeting coming soon.

Text of remarks and related materials below.

Steve Milloy address at ExxonMobil annual meeting May 31, 2017

My fellow shareholders, we are being squeezed out of Exxon.

On one side are anti-capitalist climate activists ⎯some are here pretending to be bona fide shareholders.

Their goal is to hijack Exxon’s resources and influence to advance their anti-capitalist, anti-America political agenda. They want to destroy Exxon and the value of our stock.

On the other side of the squeeze, oddly enough, is Exxon management.

For the first time, we have an American President who actively opposes climate hysteria. He promised to pull America out of the Paris climate deal. He wants to unleash the American energy industry.

But what does Exxon management want? They want America to stay in the economically suicidal Paris hoax.

Exxon management supports a carbon tax – a policy designed to slash oil and gas use.

And management’s refusal to fight has encouraged activists to get going a criminal investigation of our company by state attorneys general.

Fellow shareholders: Between climate activists and disloyal management, it’s difficult to choose which is the greater threat to honest shareholders.

Keep in mind the lessons of the coal industry.

President Obama used climate hysteria to drive America’s largest coal companies into bankruptcy.

Peabody Energy, the world’s largest coal company, just emerged from bankruptcy in April.

The entire time Peabody was in bankruptcy, it was still producing the coal fueling American electricity generation.

Even so, when Peabody emerged from bankruptcy, its shareholders ⎯ shareholders just like you and me ⎯ were ZERO-ed out. Their shares became worthless.

What’s the lesson?

While America needed coal, it didn’t need Peabody shareholders.

While the world needs oil, it doesn’t need Exxon shareholders.

My fellow shareholders, we can defeat the activists as they:

  • Hype the climate hoax;
  • Lobby governments for anti-oil policies;
  • Force investment funds to divest from Exxon;
  • Campaign to stop oil production; and
  • Pressure regulators to force companies to write down their reserves.

A handful of others and I have been fighting these anti-capitalist activists for decades.

Our efforts helped produce a President who knows climate hysteria is unfounded and who wants the oil industry to thrive.

We can beat the activists.

But what do we do about management’s betrayal?

My message to Exxon management is this: Stop aiding and abetting the enemies of your shareholders. Start working for us – or look for work elsewhere.

Thank you.


2017 ExxonMobil annual meeting webcast. Milloy presentation begins at about the 1:02:45 point.

Here is my report of my defeat of ExxonMobil’s attempt to quash my shareholder proposal.

Here is the 2017 ExxonMobil Proxy Statement (my proposal discussed on pages 56-57).

Here is my Investor’s Business Daily op-ed on my proposal.

Here is related coverage from James Delingpole on Breitbart.

Here is Daily Caller coverage.

Here is Daily Signal coverage.

Here is E&E News coverage.

Below is audio of my 2008 ExxonMobil meeting address ripping climate activist shareholders.


4 thoughts on “Milloy rips at ExxonMobil management for supporting climate alarmism”

  1. A little history using the “way-back” machine is needed.

    About 12 years ago Exxon was giving money to CEI in an effort to fight the claims made by the alarmists. Upon finding that Exxon was giving this support, the alarmists put significant pressure on the oil giant. Exxon was forced to recind their support.

    Exxon recognized the power of the political left and changed their tune to keep from losing market share. It was not that they believed in CAGW, they just recognized the economic consequences of an effective campaign by the vocal left.

    Exxon, like other companies, does benefit from the CAGW lies by selling natural gas for power generation to replace coal. Chesapeake is a prime example of preying on the hapless coal industry and taking advantage of a fake theory.

    But these same oil companies also recognize the danger of the left through their attacks on fracing and the use of fossil fuels. But Big Oil has been silenced by the Alynsky trained left.

  2. Exxon supplies natural gas to produce energy which competes with coal, so if you destroy coal you come closer to having a monopoly on supplying America’s energy. Just follow the money.

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