Recent media reports suggest that investigations by the New York Attorney General into ExxonMobil on climate change are now considering present-day disclosures such as how its reserves may be impacted by climate risk issues. This report examines the ten largest integrated oil and gas majors in North America and Europe and looks at how thoroughly they are disclosing on some key climate-related metrics likely to have a major impact on the future shape and value of their businesses. Exxon, Occidental and Chevron are at the bottom of the table, suggesting these three warrant particular investor scrutiny.
The key risk issue is the proliferation of zero emission vehicles (ZEV) and hybrids resulting in descreasing demand for petroleum products used in road vehicles, which on average provide at least 35% of gross revenue of the oil majors. The research found scant disclosure by the oil and gas majors on their precise projections for ZEV penetration and impact on gasoline/diesel sales.