Law Archives - Page 2 of 19

Climate activist investor Arjuna Capital withdraws ExxonMobil shareholder proposal with promises to “back off”

May 28, 2024

World Oil (Bloomberg) – The Exxon Mobil Corp. investor that the oil giant is suing for its climate-related shareholder proposal is promising not to file similar motions in the future in a bid to get the legal action dropped. While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit,

Exxon case against activist shareholder can proceed, US judge rules

May 22, 2024

CNBC A federal judge in Texas on Wednesday said ExxonMobil can sue to bar a climate change proposal from an activist investor, in a case that has raised concerns about its future effect on shareholder resolutions. U.S. District Judge Mark Pittman for the Northern District of Texas ruled that Exxon’s lawsuit can proceed against Boston-based Arjuna Capital, but dismissed the oil major’s

Court upholds 2022 offshore oil and gas lease sales following Biden’s “unlawful” leasing ban

March 25, 2024

World Oil (WO) – Western Energy Alliance won a significant victory in court last Friday as the U.S. District Court for the District of Columbia upheld the first offshore oil and gas lease sales of the Biden administration, held in June 2022. Judge Christopher Copper ruled in favor of the Bureau of Land Management’s (BLM) greenhouse gas (GHG) analysis that

Energy trader Gunvor to pay over $660 million to settle US bribery case

March 1, 2024

Investing NEW YORK – Gunvor pleaded guilty on Friday to a felony charge of conspiring to violate a U.S. anti-bribery law and agreed to pay more than $660 million, marking the end of a long-running criminal probe into the big energy trader. Gunvor’s plea to conspiring to violate the Foreign Corrupt Practices Act (FCPA) was accepted by U.S. District Judge

Big oil asks U.S. Supreme Court to throw out Honolulu climate lawsuit

February 29, 2024

Oil Price Oil and gas supermajors, including Exxon and Chevron, petitioned on Wednesday the U.S. Supreme Court to toss a Hawaii Supreme Court decision allowing a climate lawsuit of Honolulu to proceed to trial. Honolulu sued several major fossil fuel companies in 2020 in the lawsuit ‘City & County of Honolulu v. Sunoco LP’, seeking damages and other relief from fossil fuel

ANALYSIS-Activist investors fret over Exxon Mobil’s lawsuit bypassing US regulator

January 29, 2024

Nasdaq Investors that use shareholder resolutions to pressure companies on environmental and social issues said they are worried that an Exxon Mobil XOM.N lawsuit bypassing the U.S. securities regulator could undermine their influence. Under appointees of U.S. President Joe Biden, the Securities and Exchange Commission (SEC) has made it more difficult for companies to prevent these resolutions from moving to a shareholder vote

Exxon files lawsuit against investors’ climate proposal

January 22, 2024

BOE Report Exxon Mobil Corp on Sunday filed a complaint in a Texas court seeking to prevent a climate proposal by activist investors from going to a vote during the company’s shareholder meeting in May. This is the first time Exxon is seeking to exclude a shareholder proposal by filing a complaint in court. It says the investors are “driven by

New methane emission laws could transform U.S. energy sector

January 18, 2024

Oil Price The U.S. Environmental Protection Agency (EPA) could introduce new emissions fees for the production of methane in oil and gas projects across the country if approved. This month, the EPA proposed a new rule to encourage clean energy deployment and decarbonisation, as well as to reduce methane emissions, aimed at some of the country’s biggest emitters. Some companies

U.S. Supreme Court lets Chevron foe Donziger’s contempt conviction stand

March 27, 2023

Nasdaq The U.S. Supreme Court on Monday declined to hear a disbarred environmental lawyer’s challenge to his criminal contempt conviction after he earlier won but was unable to collect a $9.5 billion judgment against Chevron Corp CVX.N over oil pollution in Ecuadorian rainforests. The court turned away an appeal by Steven Donziger, who has argued that his prosecution violated his rights

Judge dismisses lawsuit about big oil conspiracy

January 10, 2023

Oil Price A federal judge has dismissed a lawsuit brought to a California court last year by a group of individuals claiming the Trump administration and U.S. oil producers colluded with Russia and Saudi Arabia to keep oil and gasoline prices high. Defendants named in the lawsuit included the American Petroleum Institute, Chevron, Exxon, Occidental Petroleum, Phillips 66, and Energy Transfer. The plaintiffs—about

Exxon taking legal action after Putin blocks final Russian exit

August 31, 2022

World Oil (Bloomberg) — Exxon Mobil Corp. took the first step toward filing a lawsuit against Russia after Vladimir Putin blocked the oil major from exiting its only remaining operation in the country. Exxon has been trying to exit the Sakhalin-1 project in the country’s Far East since March but was stalled by a presidential decree earlier this

Supreme Court restricts EPA’s authority to shift away from fossil fuels

June 30, 2022

World Oil (Bloomberg) — The U.S. Supreme Court restricted the Environmental Protection Agency’s authority to curb greenhouse gases from power plants, siding with coal-mining companies and Republican-led states in a blow to President Joe Biden’s climate-change agenda. The 6-3 ruling interpreting the U.S. Clean Air Act is likely to keep the administration from imposing the type of wide-ranging emissions-cutting plan the EPA

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