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Giant Dutch Pension Fund ABP Dumping Shell Sin Stock

The Washington Post

Big Oil’s Friday Feeling Will Pass

By Liam Denning | Bloomberg: 30 Oct 2021


The inverse of the world’s anxiety about winter energy shortages is higher prices, portending a good fourth quarter to follow. As an added bonus, it provides a schadenfreude-inflected counterargument on days like Thursday. Exxon CEO Darren Woods mentioned it in his opening remarks to the House Oversight Committee to emphasize the difficulty of moving away from fossil fuels.

As an added added bonus, one of those oil majors moving a bit more quickly than most, Royal Dutch Shell Plc, has attracted the attention of an activist, Third Point LLC’s Dan Loeb, calling for it to split its green operations (plus gas) from its old oil business.

Meanwhile, news that giant Dutch pension fund ABP is joining the divestment movement is a blow, not just for Shell, but for the entire sector. And as much as Loeb casts a shadow over the theme of oil-major transitions, he surely drew encouragement from Exxon’s earlier proxy-battle defeat at the hands of a small transition-minded fund.


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