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

Activist agency Engine No. 1 after successful three board seats at Exxon is assembly with different oil corporations 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 fuel firms 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, based on the supply.

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

“We have now contingency plans to answer many various kinds of occasions, together with an activist investor,” Chevron mentioned in an announcement to CNBC’s Leslie Picker. “We interact commonly 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.