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  • May 1, 2008 06:20 PM EDT by Alexis Glick

    A Rockefeller Family Proposal

    What a day for ExxonMobil? The company reported disappointing earnings today and the stock was down $3.37 to $89.70 – or 3.6%.

    Earlier this morning I interviewed Neva Rockefeller Goodwin, an economist and great-granddaughter of the late John D. Rockefeller. She is one of the fifteen members of the Rockefeller family petitioning for some major changes in both the management structure and policies of ExxonMobil.

    If the name John D. Rockefeller sounds familiar it should. John D. Rockefeller was the man who created the Standard Oil Company -- the company that controlled 90 % of the American petroleum industry decades ago and which later became ExxonMobil, Chevron, ARCO and Amoco (now the combined entity known as BP), Pennzoil (now Shell) and Conoco. Hard to believe right?

    The changes requested include a call to split the role of chairman and CEO (a position now held by one person, Rex Tillerson), as well as a mandate to invest more aggressively in renewable energy and alternative fuels. They cite the investments by competitors like Shell, Chevron, BP and others in alternatives and believe that ExxonMobil is not making a big enough investment in the future.

    Some would argue who cares? Or why now, especially given the record profits at ExxonMobil, a company that made $40 billion dollars last year. Neva is quick to point out that she is not unhappy with past performance and, when asked if she would consider selling the stock, she said she and the other petitioners would not, largely due to the tremendous capital gains implications for the family. So just how much do they own? The Rockefeller family owns approximately 0.6% of the company or 332,174 shares.

    Will they succeed? It's unclear. Last year this resolution received 40% support from the shareholders. The new slate of shareholder resolutions will be voted on at the end of the month when ExxonMobil holds its annual meeting on May 28th.

    Take a look at the interview below. Neva said things that have not been written in the briefs released today. It was very interesting!

    Part I

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    Part II

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chuck

This just broke in this afternoon's Vicksburg Post: FUEL COSTS CUT FLIGHTS AT CITY AIRPORTS. Well the headline explains it all the two regional airports,Vicksburg-Tullah Airport and the old Vicksburg Ms Airport,the high cost of Avation fuel has cut in civil avation. The less the fuel,the less private planes here can take off and land to thier destinations here. Now here are the avation gas prices: 5.36 jet fuel for example. Jay Kilroy,one the board members of the Airport board,pointed out the Leyens Administration neends to listen to thier concerns. Most of the airport's profits it turns out depends on avation fuel. Question is: how can a small municiple airport generate profit in a less profit envoriment such as this? Now the emergancy has caused the Airport Board to seek a meeting with the City Board on what to do to restock avation fuel. Now how much does it cost to restock avation fuel? Eespecially when u have jet fuel at over 5.00. Bet at the Teteroboro Airport,Teterboro,NJ the costs of jet fuel is much higher tnan five dollars. Now the costs of avation fuel costs over 50% of the Airport board budget. Which is real interesting. Leads to an interesting question here: how many small municiple airports across the United States are affected by high avation fuel costs? How many pilots had to ground thier planes becouse of high avation fuel costs?

May 2, 2008 at 2:26 pm

chuck

Now here's something u might find interesting. Waring Oil LLC of Vicksburg Ms, a private oil company is a distruboter for ExxonMobil. Now this family run jobber has never made anything about thier company which has been in Vicksburg ms for generations, has never made thier profits public. Like are they in financial difficulty? Now Waring likes to act liek a Fortune 500 company when it's not evne listed on the NYSE. Every local has been upset with them becouse of they are somehow mixed up with the gas prices here. Of course in the Vicksburg Post they denied this a few years ago. Now Dan Waring tried to sale one of his former gas stations here on the Frontage rd near the Sonic Drive in and Durst Drugs to Starbucks Coffeee. Guess what nothing publicly hasn't made on that deal. Dan has been quiet on the fact. So did Starbucks coffee turn down Dan Waring becouse the real estate prices was way to overvalued? Or was it becouse of lack of population. Neither party hasn't commented. But the Warings never made thier company profits public. But they do handle the oil off the barges here in Vicksburg. But the real public question about this small town jobber who has relations with ExxonMobil I might add,how much is it really worth? Now one of the old timers told me that Waring didn't even let in the Rockerfellers of Standard Oil over a century ago. Now the gas prices have been real steady: from 3.53 to 3.57. But overpricy vicksburg has never given thier own locals a break at all.

May 2, 2008 at 10:51 am

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

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