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THE WALL STREET JOURNAL.<br />

This copy is for your personal, non-<strong>comm</strong>ercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit<br />

http://www.djreprints.com.<br />

http://www.wsj.com/articles/exxon-chevron-shar6holders-narrowly-reject-climate-change-stress-tests-1464206192<br />

BUSINESS<br />

Exxon, Chevron Shareholders<br />

Narrowly Reject Climate-Change<br />

Stress Tests<br />

Supporters of proposals see victory in defeat<br />

The images of journalists were reflected in the sunglasses of a drilling manager at a Chevron site in 2014. Preliminary<br />

results Wednesday showed 41 % <strong>support</strong> from voting Chevron investors for stress tests on risks posed by climate change.<br />

PHOTO: BOGDAN CRISTEUREUTERS<br />

By BRADLEY OLSON and NICOLE FRIEDMAN<br />

Updated May 25, 2016 6:57 p.m. ET<br />

Shareholders at Exxon Mobil Corp. and Chevron Corp. narrowly voted down resolutions<br />

calling for stress tests to determine the risk that efforts to curb climate change pose to<br />

their businesses.<br />

Despite the defeat, the proposals drew more <strong>support</strong> than any contested climate-related<br />

votes in the history of the two biggest U.S. oil and gas companies. Preliminary results<br />

showed 41% <strong>support</strong> from Chevron investors that cast ballots and 38% <strong>support</strong> at Exxon,<br />

an indication that more mainstream shareholders like pension funds, sovereign-wealth<br />

App. 645

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