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

Written by News Sateek

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

Kathleen Flynn | Reuters

1 is meeting with other oil companies in its climate change fight after winning three board seats at Exxon, a familiar source told CNBC’s David Faber.

The hedge fund has spoken with executives from several oil and gas corporations, including Chevron, a source familiar with told CNBC.

According to the source Engine No. 1 may not target Chevron in its next challenge or any company at all.

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

“We have a contingency plan in place to respond to many different types of events, including from an active investor,” Chevron said in a statement to CNBC’s Leslie Picker. “We engage regularly in constructive two-way dialogue with shareholders and look forward to discussing the next chapter of our low carbon story with them later this month.”

Wall Street Journal first informed of Worker firm meeting with Chevron.

Engine No. 1 won two board seats at Exxon’s annual shareholder meeting in May, and a third seat in June.

The upstart activist firm has been targeting Exxon since December 2020, prompting the company to reduce carbon emissions in a changing climate.

Engine No. 1 also launched an exchange-traded fund in June to further its shareholder activism focused on environmental, social and governance issues.

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

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