Just last week, some of the world's largest integrated energy companies faced the wrath of furious investors and climate activism. Exxon Mobil (NYSE:XOM) lost three board seats to Engine No. 1, an activist hedge fund, in a stunning proxy campaign, while a good 61% of Chevron (NYSE:CVX) shareholders voted to further cut emissions at the company's annual investor meeting a week ago.
Engine No. 1 has told the Financial Times that Exxon will need to cut fossil fuel production for the company to position itself for long-term success, "What we're saying…Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem
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