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Jim Cramer's Thoughts on Exxon, Oil

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A key shareholder vote on board seats is taking place at Exxon  (XOM) - Get Free Report on Wednesday, May 26. This could mark the most significant change in decades for the country's biggest oil company as well as the future of CEO Darren Woods.

Exxon Mobil will seek the election of all twelve members of its corporate board at Wednesday's annual meeting in New York, with activist hedge fund Engine No. 1 pushing for the addition of three senior executives--Gregory Goff, Kaisa Hietala, Anders Runevad and Alexander Karsner--it says will help accelerate the group's transition to lower-carbon strategies, reported TheStreet's Martin Baccardax.

"We have one of the strongest boards in corporate America, and we feel very strongly that the board will drive success in today's environment and position the company for success as the industry transitions," Woods said in an emailed statement to TheStreet. "The first quarter results are indicative of the work we've been engaged in since 2017 to reshape the business."

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