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Big Oil wins shareholder support as energy crisis outstrips climate crisis (NYSEARCA: XLE)

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Climate solutions are having a hard time gaining support at this year’s annual shareholder meeting of big oil companies, as investors decide that tight energy supplies and large corporate profits will outweigh climate concerns.

The major oil companies have easily beat some climate solutions raised by shareholder activists at this year’s annual general meeting, following a string of hostile votes by investors last year.

Dutch activist shareholder group Watch This saw support for climate solutions at BP’s (BP) meeting this week down 15% from 21% a year agolamented that “Big Oil has convinced some investors that the energy crisis is outweighing the climate crisis.”

BP’s advisory vote on its own energy transition plan, put to a vote for the first time, won 88% shareholder support.

Only 42% of votes actors at ConocoPhillips'(COP) meeting this week backed tighter emissions targets, after 58% voted in favor of a similar measure in a non-binding resolution last year.

In recent weeks, only 17% of shareholders at Occidental Petroleum’s (OXY) the annual meeting supported this Climate Watch proposal and 16% supported the resolution requiring Marathon Petroleum (MPC) to report on how energy transition plans have affected workers and the community.

Investors may also react to the additional details many oil companies have provided about their transition plans, which could provide “more comfort” in voting with management management, Caitlin McSherry of Neuberger Berman told Reuters.

In another move this week, BlackRock (BLK) indicates it is inability to support shareholder resolutions seek to limit investments in oil and gas, “because we do not believe they are in line with our clients’ long-term financial interests”.

Shareholders meeting for Exxon Mobil (XOM), Chevron (CVX) and shell (SHELF) is scheduled for later this month.

Last year, three Exxon board members were over-thrown in a shocking vote instigated by an unknown activist investor Motivation #1.

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