Engine No. 1 takes climate fight to other big oil companies after underdog win at Exxon

Activist agency Engine No. 1 after successful 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 could not essentially goal Chevron in its subsequent problem, or any firm in any respect, in line with the supply.

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

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

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

Engine No. 1 gained two board seats at Exxon’s annual shareholder assembly in Could, 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.