Exxon sees limited impact on business from climate policies

DALLAS – Exxon Mobil says in a new report that policies to combat climate change won’t have much effect on its business and demand for fossil fuels will remain strong for decades.

The company does acknowledge, however, that some of its most costly oil and gas reserves might not be developed.

Exxon’s report, issued Friday, comes in response to pressure from shareholders who voted last May to urge the company to issue a report on the matter every year.

The shareholders fear that policies to limit heat-trapping carbon emissions will hurt Exxon’s business of drilling for oil and natural gas.