By Ross Kerber and Gary McWilliams
Dec 11 (Reuters) - Exxon Mobil Corp on Monday said it would publish new details about how climate change could affect its business in a move aimed at appeasing critics and forestalling another proxy fight next year.
The largest U.S. oil and gas producer said in a filing to U.S. securities regulators that its board agreed to provide shareholders with information on "energy demand sensitivities, implications of two degree Celsius scenarios, and positioning for a lower-carbon future."
Scientists have warned that world temperatures are likely to rise by more than 2 degrees Celsius (35.6°F) this century, surpassing a "tipping point" that a global climate deal aims to avert.
Exxon's statement, which came three days before the deadline for its 2018 annual meeting resolution submissions, said additional information would be released in the near future, but did not provide details. The company's board originally opposed providing shareholders with a report outlining the potential impact of global warming on Exxon's long-term outlook.
Thomas P. DiNapoli, New York state's comptroller, heads one the two lead sponsors of a shareholder resolution calling for Exxon to issue a climate-impact report. He called Monday's decision "a win for shareholders and for the company's ability to manage risk."
However, another sponsor noted the lack of specificity in the company's statement. "This is giving no detail," said Tim Smith, who leads shareholder engagement efforts at Walden Asset Management, a co-filer of last spring's resolution. He said Exxon's statement "needs to be expanded to assure shareowners that they're responsive to last year's request."
An Exxon spokesman declined to comment beyond the filing.
Some 50 shareholder and climate activists earlier this year demanded the company produce an annual report on the risks to its business from extreme climate and government policies seeking to reduce carbon emissions. The resolution was backed by 62 percent of shares voted in Exxon's May annual meeting.
Other energy companies already have begun detailing their view of climate-related risks to their businesses. Refiner Marathon Petroleum Corp recently published a report, "Perspectives on Climate-Related Scenarios," meant partly to address suggestions from the global Financial Stability Board about how to measure and respond to such risks.
Members of the shareholder group had said they were considering refiling had Exxon not agreed to a detailed plan. Big investors including BlackRock Inc and Vanguard Group backed the May resolution and have made climate change a priority in their governance efforts.