Engine number 1 brings climate war to other major oil companies after beating Exxon below income

The activist firm Engine No. 1 after winning three executive seats at Exxon is meeting with other oil companies in its fight against climate change, a well-known source told CNBC’s David Faber.

The hedge fund has spoken to executives at several oil and gas corporations, including Chevron, the family source told CNBC.

According to the source, the engine no. 1 may not necessarily head to Chevron on its next challenge or any business.

Chevron confirmed the meeting with the No. 1 engine on CNBC.

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

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

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

The emerging activist company has been targeting Exxon since December 2020, pushing the company to reduce carbon emissions in the face of a changing climate.

Engine No. 1 also launched a publicly traded fund in June to encourage its shareholder activism focused on environmental, social and governance issues.

– CNBC’s David Faber, Leslie Picker and Pippa Stevens contributed to the communication.