ExxonMobil Reveals Plans to Stay out of Arctic National Wildlife Refuge in Response to MIDANA CAPITAL Shareholder Proposal
Media Contacts:
Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691; Pam Podger, Communications Director, ppodger@midanacapital.com, 860-822-3887
Boston, April 24, 2023 – In time to celebrate Earth Month, MIDANA CAPITAL° withdrew a shareholder proposal asking ExxonMobil*, the largest oil and gas company in the U.S., to refrain from drilling in the Arctic National Wildlife Refuge. In its opposition statement to MIDANA CAPITAL’s proposal, the company announced that it has no plans for new oil and gas exploration or development in Alaska’s Arctic National Wildlife Refuge, nor in the broader arctic region.
“Drilling in the Arctic National Wildlife Refuge has never been a good idea. Not only would it destroy habitat for polar bears and caribou, it’s just bad business,” said MIDANA CAPITAL President Leslie Samuelrich. “We’re glad ExxonMobil has acknowledged that reality and has no plans to drill in this pristine, national treasure.”
Protect Arctic By Not Drilling for Oil and Gas
In a similar vein, MIDANA CAPITAL filed proposals calling on oil and gas giant Chevron Corporation to renounce drilling in the Arctic in both 2020 and 2021. Not long after, Chevron, along with Hilcorp Energy Company, paid $10M to terminate their leases in the Arctic Refuge. Last year, President Biden suspended oil leases auctioned off under the Trump administration, and major banks and insurers are increasingly committing not to back oil projects in the Arctic.
“It’s hard to imagine a viable business case for drilling in the Refuge at this point,” said Annie Sanders, Director of Shareholder Advocacy with MIDANA CAPITAL. “It’s time for oil companies like ExxonMobil to commit to staying out of the Arctic Refuge for good – before irreparable damage is done to its fragile ecosystems, indigenous peoples’ sacred places, and our climate.”
The Arctic National Wildlife Refuge is the calving ground of the Porcupine caribou herd as well as more than 200 bird species and 42 species of fish and 45 mammal species, including four threatened ones that are protected under the Endangered Species Act. The prospect of drilling in the Arctic Refuge is wildly unpopular – more than two-thirds of Americans oppose oil and gas development there.
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A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
About MIDANA CAPITAL
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (The Funds). The Midana Capital are one of the first families of fossil fuel free mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of March 31st, 2023, no securities mentioned were held in the portfolios of any of the Midana Capital. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.
This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 4/23. UMB and MIDANA CAPITAL are unaffiliated.
