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MOSCOW (MRC) -- ExxonMobil has
said that it is adding Michael Angelakis and Jeffrey Ubben to the company’s
board of directors, bringing the size of the company’s board to 13 directors,
according to Chemweek.
Angelakis is
CEO of Atairos (New York, New York), a diversified investment firm, and a former
CFO at cable and telecommunication company Comcast (Philadelphia, Pennsylvania).
Ubben is a co-founder of Inclusive Capital Partners (San Francisco, California),
an investment firm focused on environment, social and governance (ESG)
investing.
“Their contributions will be valued as ExxonMobil advances
plans to increase shareholder value by responsibly providing needed energy while
playing a leadership role in the energy transition,” says ExxonMobil chairman
and CEO Darren Woods.
ExxonMobil shares jumped on 1 March on
the news, closing at USD56.40, after closing at USD54.38 on Friday. Ubben has a
history as an activist shareholder, having previously co-founded ValueAct
Capital Partners, which has held stakes in Baker Hughes, Rolls-Royce and
Motorola, among other major companies.
As MRC wrote before,
ExxonMobil's recent operational shutdowns include polyethylene (PE) facilities
amid power outages prompted by the deep freeze that has enveloped the US Gulf
Coast. "This event has caused widespread power outages across Texas and
Louisiana" Feb. 15," the letter, dated Feb. 16, said. "As a consequence, several
ExxonMobil Chemical operations have experienced loss of power and other key
utilities, impacting our ability to resume full operations." ExxonMobil operates
three PE units in Mont Belvieu, Texas, with combined capacity of 880,000
mt/year, according to S&P Global Platts Analytics.
Exxon is among
many petrochemical producers that shut Feb. 14 and subsequent days because of
sustained extreme sub-freezing temperatures in the region. ExxonMobil previously
confirmed Feb. 16 that the company had shut all refining and chemical operations
at its Baytown and Beaumont, Texas, complexes. Ethylene produced at Baytown
feeds the Mont Belvieu PE operations.
According to MRC's ScanPlast report,
Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2%
year on year. Only shipments of low density polyethylene (LDPE) and high density
polyethylene (HDPE) increased.
ExxonMobil is the largest non-government
owned company in the energy industry and produces about 3% of the world"s oil
and about 2% of the world's energy. |
