Lower prices due to abundant supply helped drive Exxon's natural-gas profits down by about half.
The suit alleges the oil giant did not adequately address the costs of climate regulations.
If news events in 2017 swayed directors to more highly value sustainability disclosures, the effect has apparently worn off in 2018, a study suggests.
Each year dozens of shareholder proposals seek to quash potential conflicts of interest by calling for an independent chair. But they hardly ever pass.
In the first quarter, the benefits of higher oil prices were offset by weakness in Exxon's chemicals and refining businesses.
The settlement requires Exxon to spend $300 million on plant upgrades but activists call the $2.5 million fine "a slap on the wrist."
"Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," CEO Darren Woods says.
With Exxon Mobil and Peabody Energy in the crosshairs over their lack of disclosure, how much exposure do other companies face?
The state's attorney general is looking into whether the company failed to disclose the risks that climate change could pose to its business.
