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Ovintiv to ‘Carefully Review’ Investor’s Board Nominees Private investor Kimmeridge Energy Management Co., which owns a 2.5% stake in Ovintiv Inc., has nominated three people to stand for board election as Kimmeridge looks to upend oversight of the Denver-based independent. Earlier this month Kimmeridge warned Ovintiv that the exploration and production (E&P) company needed to improve performance or face a reckoning.  “Given the track record of value destruction at Ovintiv, the company requires the stewardship of a strong board…that can restore confidence in the shareholder base an...

Engine No. 1 Formally Nominates Four Director Candidates to ExxonMobil Board Engine No. 1 Formally Nominates Four Director Candidates to ExxonMobil Board Engine No. 1, a new investment firm that seeks to enhance long-term value through active ownership, today announced that it has formally nominated four highly qualified, independent director candidates with diverse track records of success across the energy sector to the Exxon Mobil Corporation (NYSE: XOM) (ExxonMobil or the Company) Board of Directors (the Board) in connection with the 2021 Annual Meeting of Shareholders. More information ...

Something interesting is happening among shareholders of the energy giant ExxonMobil, which may usher in a new era in activist investing. A new activist hedge fund, Engine No. 1, is pushing widespread reform at Exxon through its “Reenergize Exxon” campaign. What makes this campaign extraordinary is Engine No. 1’s tiny size — it holds only a $40 million stake in the multibillion dollar company. Yet there are strong signals that Engine No. 1 is in position to reorganize and reform Exxon from the very top of the company. Exxon’s financial situation certainly lends itself to an activist...