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ExxonMobil adds activist-investor execs to board of directors

March 03/2021

MOSCOW (MRC) -- ExxonMobil has said that it is adding Michael Angelakis and Jeffrey Ubben to the companys board of directors, bringing the size of the companys 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.
Author:Margaret Volkova
Tags:PE, crude and gaz condensate, LDPE, HDPE, petrochemistry, Exxon Mobil, Russia, USA.
Category:General News
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