ARTICLES

Climate Disclosure and Strategic Signaling
in the Oil & Gas Sector

Robert G. Eccles

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Sustainability

Tenured Harvard Business School professor, now at Oxford University.

This report presents a detailed comparative analysis of climate-related disclosure and strategic alignment across six global oil and gas majors: ExxonMobil, Chevron, ConocoPhillips, bp, Shell, and TotalEnergies. It focuses on two of the most financially consequential sustainability issues as defined by the SASB standards:

  1. Greenhouse Gas (GHG) Emissions and
  2. Reserves Valuation & Capital Expenditures (CapEx).

The assessment is based exclusively on each company’s most recent 10-K or 20-F filing for fiscal year 2024, ensuring consistency in document type, scope, and regulatory context. No supplementary sustainability reports, voluntary disclosures, or third-party ESG ratings were used in the core analysis. This constraint enabled a fair and apples-toapples
comparison of how companies present climate-related issues in filings that are directly relevant to financial analysts and investors.

Click here to download the PDF report

Robert G. Eccles

author

Robert G. Eccles of Saïd Business School, University of Oxford is the author of a number of books on integrated reporting, sustainability and the role of business in society. His focus is on sustainability from both a company and investor perspective. Professor Eccles is also involved in a variety of initiatives to embed environmental, social, and governance (ESG) issues in real world decision making. One of these is the Sustainability Accounting Standards Board (SASB), of which he was the founding chairman. In 2018, Professor Eccles was selected by Barron’s as one of the top 20 influencers on ESG investing.

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