Two weeks ago, Big Oil suffered a series of boardroom and courtroom defeats in the hands of hardline climate activists. Exxon Mobil 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 shareholders voted to…
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