Exxon Mobil (XOM) - Get Report may be facing some added pressure at its annual meeting next week as BlackRock (BLK) - Get Report and Vanguard Group are said to be considering a vote in favor of an investor plan that would pressure Exxon to conduct climate stress tests to determine how environmental regulations impact its oil asset value, sources told the Wall Street Journal.
Exxon is urging investors to vote against the proposal. Should it pass, the measure would be a strong signal that investors want greater disclosure of the threats climate change poses to business.
Everyone wants to sell oil stocks, but Jim Cramer believes there is a buying opportunity for the right energy securities. Read his analysis here.