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Exxon said it will pay $2.5 billion for Interoil , which has natural gas holdings in Papua New Guinea. Photo: Mike Mozart via Flickr.

Exxon, facing heat over climate change, holds annual meeting

DALLAS (AP) — Exxon Mobil is holding its annual shareholder meeting as it faces volatile crude prices and investigations into what it knew and allegedly didn’t disclose about oil’s role in climate change.

Shareholders are scheduled to vote Wednesday on resolutions including a policy to limit global warming, put a climate expert on the board, and report on the drilling method known as hydraulic fracturing or fracking.

Similar resolutions backed by environmentalists have been defeated consistently at previous meetings.

Another resolution would ask the board to adopt a proxy-access rule, which would make it easier for shareholders to propose board candidates and remove incumbent directors. A similar proposal lost but got 49 percent support last year.

With lower oil prices, Exxon Mobil Corp. earned $16.15 billion last year, its smallest profit since 2002.

In related news, Shell to cut at least another 2,200 jobs globally

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