When a then little-known fund defeated Exxon Mobil Corp. in a climate-charged activist battle in 2021, snagging three board seats and promising to push a low-carbon future, some wondered if Engine No. 1’s surprise victory signaled the beginning of the end for the oil giant’s fossil-fuel growth.
It didn’t. In fact, all three of its board picks just voted in favor of the $60 billion acquisition of Permian Basin behemoth Pioneer Natural Resources Co., a deal that will help raise Exxon’s oil production to the highest in its 140-year history.
