# 1 engine leads climate battle against other big oil companies after outsiders win at Exxon

# 1 engine leads climate battle against other big oil companies after outsiders win at Exxon

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

Kathleen Flynn | Reuters

1 is meeting other oil companies in its fight against climate change after winning three seats on Exxon’s board of directors, a source familiar to CNBC’s David Faber has told.

The hedge fund spoke to executives from several oil and gas companies, including Chevron, a source close to CNBC told CNBC.

Engine No.1 isn’t necessarily targeting Chevron in its next challenge, nor is it targeting any business, according to the source.

Chevron confirmed the encounter with the No.1 engine to CNBC.

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

The Wall Street Journal first reported the activist company’s meeting with Chevron.

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

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

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

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

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