Two weeks ago, Big Oil suffered a series of boardroom and courtroom defeats in the hands of hardline climate activists. Exxon Mobil (-2.56%) lost three board seats to Engine No. 1, an activist hedge, in a stunning proxy campaign. Engine No. 1 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 is, plan for a world where maybe the world doesn’t need your barrels, ” Engine No.1 leader Charlie Penner told FT. No less than 61% of Chevron (-3.77%) shareholders voted to further cut emissions at the company’s annual investor meeting a week ago, rebuffing the company’s board which had urged shareholders to reject it. Meanwhile, a Dutch court ordered Royal Dutch Shell (-5.26%) to cut its greenhouse gas emissions harder and faster than it had previously planned. Never mind the fact […]