From: WSJ - Market Watch
Published: May 24, 2016 7:50 p.m. ET
John Watson says greenhouse-gas pacts futile, shift to natural gas may benefit company
John Watson, chairman and chief executive officer of Chevron Corp., speaks in Perth, Australia, in April.
SAN RAMON, Calif. — Chevron Corp. Chief Executive John Watson has a blunt message for investors, climate activists and anyone else listening: Fossil fuels aren’t going away.
But this stance increasingly sets him apart from his oil counterparts as they react to pressure from climate-change activists and concerned shareholders.
On Wednesday, Chevron CHV, +1.45% , like Exxon Mobil Corp. XOM, +0.13% , is facing a shareholder-proposal campaign by activists who want the company to detail the risk climate change poses to its business. Exxon is opposed to the proposal, and so is Watson: He questions its entire premise, arguing that climate change might even prove positive for Chevron, if it spurs more of the planet to shift from coal to natural gas. MORE