This collaborative engagement, coordinated by the PRI, was set up in 2018 to address the risks faced by a global range of upstream oil and gas companies as part of a transition to a low-carbon economy.

The engagement asks companies how they are responding to risks being faced as a result of constraints to oil and gas use going forward. The initiative makes use of research by Carbon Tracker (see below for details) to gauge how companies are evaluating future capital expenditure and production, as well as the governance behind this decision making.

The PRI’s coordinated engagement on oil and gas is an affiliated sub-initiative under Climate Action 100+.

Group objectives

The objectives of this PRI-coordinated engagement are:

  1. To explore how companies are comprehensively assessing their exposure to climate-related transition risks.
  2. To ensure companies are planning appropriate actions in response to future policy and technological shifts which may limit their ability to exploit their assets (i.e. under a 2 degree scenario as per the Paris Climate Agreement).
  3. To better understand how companies are evaluating future capital expenditure and production, as well as the governance behind this decision making.
  4. To encourage improved disclosure aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) – especially with regards to scenario analysis.

Research and target companies

The companies under this engagement have been targeted based on their exposure to a range of carbon budgets. This research can be found at and it provides investors with a detailed analysis of these companies’ alignment with a scenario where global warming is limited to 2˚C, 1.75˚C and 1.5˚C. It also includes estimates of the proportion of future capital expenditure and production that falls outside of these carbon budgets.

About the group

Status: wrapping up
Timeline: March 2018 – November 2020
PRI contact: [email protected]
View group on the Collaboration Platform 


Lead investors
Actiam NV
Æquo Shareholder Engagement Services inc.
Alphinity Investment Management
Barrow, Hanley, Mewhinney & Strauss, LLC
Boston Common Asset Management
Christian Brothers Investment Services
Church Commissioners for England
Desjardins Global Assets Management
First State Superannuation Scheme
Länsförsäkringar AB
Makalani Management Company (Pty) Limited
Miller Howard Investments
NEI Investments
Old Mutual Investment Group
Rathbone Brothers Plc
Regnan Governance Research and Engagement Pty Ltd
Swedbank Robur
Supporting investors 
1919 Investment Counsel
AGF Investments
AMP Capital
ARC Fiduciary
ASR Nederland NV
Avaron Asset Management
Bayerische Versorgungskammer
BPL Pensioen
Candriam Investors Group
Evli Bank
Federal Finance Gestion
Fonds de Réserve pour les Retraites
Jarislowsky, Fraser Limited
Local Government Superannuation Scheme
LocalTapiola Asset Management
Meerschaert Asset Management
MP Investment Management A/S
National Employment Savings Trust (NEST)
NN Investment Partners
Ofi Asset Management
Régime de Retraite de l’Université de Montréal
Resona Bank Limited
SKY Harbor Capital Management
The Folksam Group
Thomson Horstmann & Bryant, Inc.
Unipol Gruppo Finanziario S.p.A - UnipolSai Assicurazioni
University Superannuation Scheme
Varma Mutual Pension Insurance Company

Engagement focus companies

Apache Corporation
BP plc
Cabot Oil & Gas Corporation
Canadian Natural Resources Limited
Cenovus Energy Inc.
Chesapeake Energy Corporation
Chevron Corporation
Continental Resources Inc
Crescent Point Energy Corp.
Ecopetrol S.A.
Encana Corporation
Energen Corporation
Exxon Mobil Corporation
Galp Energia, Sgps, S.A.
Gazprom Pao
Husky Energy Inc.
Imperial Oil
Lundin Petroleum Ab
Oil Search Limited
Origin Energy Limited
Petroleo Brasileiro S.A. - Petrobras
Repsol S.A.
Royal Dutch Shell Plc
Santos Limited
Sasol Limited
Suncor Energy Inc.
Total SA
Vermilion Energy Inc.
Woodside Petroleum Ltd