Engine No.1 Says Drop in Exxon Output Is Meaningful

Engine No.1 Says Drop in Exxon Output Is Meaningful
Activist fund Engine No. 1 says Exxon Mobil Corp. has reduced oil and gas production in a meaningful way since the beginning of its successful proxy campaign last year.

Activist fund Engine No. 1 says Exxon Mobil Corp. has reduced oil and gas production in a “meaningful” way since the beginning of its successful proxy campaign last year. 

Engine No. 1 gained shareholder support to replace three of Exxon’s directors, but each of them is “independent,” meaning the fund doesn’t currently have insight into board negotiations, Chief Executive Officer Jennifer Grancio said in an interview with Bloomberg TV. 

“These are independent board members that have the energy transition and CEO experience, and they’re in the room now,” she said. “It may take time to work through the change” that the fund campaigned on, she said. 

--With assistance from Caroline Hyde and Romaine Bostick.


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