US oil explorers going ahead with drilling projects

Chicago

THE largest US oil explorers are ploughing ahead with some of the most ambitious drilling projects in the 157-year history of the industry even as dissatisfied investors vow to continue their fight against fossil fuels.

Shareholders of Exxon Mobil Corp and Chevron Corp on Wednesday overwhelmingly rejected resolutions backed by environmental activists that would have curtailed exploration for new oil fields and distributed the cash in the form of higher dividends and share buybacks.

Despite increasing calls for more climate-friendly policies among activist stockholders, Exxon chairman and CEO Rex Tillerson said the company is proceeding with more than 100 major oil …