Is This A Turning Point For Big Oil?

Three oil giants suffered separate blows in one day, marking what one analyst called “the start of a new era” for the industry.

Three of the world’s largest oil companies faced a reckoning over climate change Wednesday as shareholder revolts and a landmark court ruling added new pressure to slash emissions. Royal Dutch Shell suffered the first blow, as a civil court in the Netherlands ordered the company to cut its carbon dioxide emissions 45% below 2019 levels by the end of the decade. Then, at the annual shareholder meeting of Exxon Mobil Corp. in Dallas, a comparatively tiny activist hedge fund seeking to shift the oil giant away from fossil fuels and toward renewables won two seats on the board of directors.