Engine No. 1, known for its climate activism against ExxonMobil, now supports fossil fuel projects. Chevron sells Texas assets to Tokyo Gas, blames Biden for energy prices, and engages in a battle with ExxonMobil for a stake in a Guyanese oil project.
Engine No. 1, the activist investor known for its successful Wall Street proxy war against ExxonMobil over the oil major's climate stance, has now turned its attention to supporting the development of fossil fuel projects. The fund, which previously challenged ExxonMobil's commitment to addressing climate change, is now investing in natural gas infrastructure.
This move has raised eyebrows among environmental advocates and sparked debate about the evolving priorities of ESG (Environmental, Social, and Governance) focused investors.Meanwhile, Chevron, one of the world's largest oil companies, has made a series of strategic moves in recent months. The company has announced plans to sell its Texas gas assets to Tokyo Gas for up to $1 billion, a deal that will bolster the Japanese group's efforts to secure energy supplies for its home country, which relies heavily on fossil fuel imports. Chevron executives have also blamed President Biden's policies for contributing to rising energy prices, a sentiment echoed by other oil and gas companies.Adding to the shifting landscape is a wave of corporate relocations from high-tax states to Texas, lured by the state's lower taxes and lighter regulations. Goldman Sachs has appointed the former CEO of Hess Corporation to its board as it guides the oil company's sale. In Guyana, Chevron is engaged in a fierce battle with ExxonMobil for a controlling stake in a $150 billion oil project. Both companies are invoking their right of first refusal in this high-stakes acquisition, with the outcome likely to be decided through arbitration. The situation highlights the intense competition for oil and gas reserves in emerging markets
Fossil Fuels Chevron Exxonmobil ESG Energy Prices
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