Thread by @TimBuckleyIEEFA

In the last 5 years @exxonmobil has destroyed ~US$96bn of shareholder wealth!
Exxon shares are down 24% from $92 to $70. Meanwhile the S&P500 has rise 56%, so the opportunity cost of CEOs Rex Tillerson & Darren Woods mis-management adds $220bn. A relative wealth loss of >$300bn.

Exxon’s Henry Shaw was leading research on climate science forty years ago and forecast “globally catastrophic consequences” from global warming, says @neelaeast of @InsideClimate, a finalist for the 2016 Pulitzer Prize for Public Service reporting.
insideclimatenews.org/news/10112015/…

Recently @chrisnelder, host of the excellent @TransitionShow, interviewed @neelaeast about Exxon’s path from leading climate science to climate science denial. Great holiday listening: inspiration for these tweets! Such unprecedented wealth destruction!

https://twitter.com/TransitionShow/status/1199773648392880128?s=20

Leading climate science denialists at US fossil fuel lobbyists like the American Petroleum Institute & Heartland Institute help with Exxon’s “delay and defeat” of climate science denial strategy.

So @Blackrock has held >240m Exxon shares in the last five years, worth over US$22bn five years ago. Investors have suffered an absolute loss of US$5bn, plus another $12bn opportunity cost from Blackrock’s failure to act on climate science.
ieefa.org/ieefa-report-b… @BLKsBigProblem

Tom Sanzillo & Kathy Hipple of @ieefa_institute have long provided energy finance research highlighting the wealth destruction of climate denying @Exxon. ieefa.org/ieefa-update-e…

Side note: @exxonmobil has an US$20bn of underfunding in its post-retirement obligations as of end 2018, with assets of US$31bn vs liabilities of US$51bn. I would hazard a guess @Blackrock runs some of Exxon’s pension assets. Maybe a conflict of interest?

Exxon Mobil won its first major lawsuit claiming climate fraud last month, but many more are underway.
nytimes.com/2019/12/10/cli… by John Schwartz @nytimes