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WSJ News Exclusive | Exxon Debates Abandoning Some of Its Biggest Oil and Gas Projects

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LyrArc Article Gist
In a fast changing energy environment with upcoming COP26 summit in Glasgow and shift away from fossil fuels, Exxon is considering dropping a $30 billion LNG project in Mozambique and multibillion dollar project in Vietnam. Exxon has a remade Board with 3 new directors chosen by an activist investor and 2 other new directors. It takes years for such projects to generate energy supplies and years more to be profitable. Exxon Board members are also facing pressure from investors to restrain fossil fuel investment to limit carbon emissions and return more cash to shareholders.



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