Engine No. 1 takes local weather combat to different massive oil firms after underdog win at Exxon | Latest News Table

Engine No. 1 takes local weather combat to different massive oil firms after underdog win at Exxon

A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, Might 15, 2021.

Kathleen Flynn | Reuters

Activist agency Engine No. 1 after profitable three board seats at Exxon is assembly with different oil firms in its local weather change combat, a supply acquainted advised CNBC’s David Faber.

The hedge fund has spoken with executives at a number of oil and gasoline companies together with Chevron, the supply acquainted advised CNBC.

Engine No. 1 might not essentially goal Chevron in its subsequent problem, or goal any firm in any respect, in response to the supply.

Chevron confirmed the assembly with Engine No. 1 to CNBC.

“We’ve contingency plans to reply to many various kinds of occasions, together with an activist investor,” Chevron stated in an announcement to CNBC’s Leslie Picker. “We interact often with shareholders in constructive two-way dialogue and stay up for discussing the subsequent chapter of our decrease carbon story with them later this month.”

The Wall Avenue Journal first reported the activist agency’s assembly with Chevron.

Engine No. 1 gained two board seats at Exxon’s annual shareholder assembly in Might, and a 3rd seat in June.

The upstart activist agency has been concentrating on Exxon since December 2020, pushing the corporate to scale back carbon emissions within the face of a altering local weather.

Engine No. 1 additionally launched an exchange-traded fund in June to additional its shareholder activism targeted on environmental, social and governance points.

—CNBC’s David Faber, Leslie Picker and Pippa Stevens contributed reporting.

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