Exxon says no go on alternative energy push

May 31 - Resource Investor - Exxon Mobil Corp. shareholders voted Wednesday to keep the world's largest oil company focused on fossil fuels, rejecting proposals to set targets for greenhouse-gas emissions cuts and to move aggressively into alternative energy.

Exxon stands alone among its peers with this decision not to diversify:

• BP announced two years ago that it would earmark $8 billion through 2015 for its division featuring wind, solar and hydrogen power.
• Chevron Corp. pledged to spend nearly $5 billion for alternative and renewable energy technologies from 2002 through 2009.
• Royal Dutch Shell has spent more than $1 billion on biofuels, wind, solar and hydrogen since 2000 and distributed nearly 100 million gallons of biofuels last year.
• Total has committed more than $673 million from 2005 through 2010 on renewable initiatives and projects.
• ConocoPhillips has invested $100 million to upgrade existing domestic refineries relatively near Tyson plants to process animal fat into renewable diesel.

Interesting that Exxon Mobil’s own report The Outlook for Energy: A View to 2030 predicts peak production after 2030. This is 10 years ahead of a prediction by a U.S. government report.
Even if they don’t think carbon-based emissions are a concern, they're unwise to go against world sentiment. There’s money to be made in going with the flow. (Jon Nones)