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Photo: Steven Ferdman/Patrick McMullan via Getty Images

CNBC money pundit Jim Cramer is an unlikely new avatar for climate activists with his take on Big Oil's future.

What he's saying: Cramer made waves Friday with his response to ExxonMobil's and Chevron's glum earnings reports. "I’m done with fossil fuels. They’re done," he said, later adding, "We are in the death knell phase" and citing divestments by "a lot of different funds."

  • Cramer said fossil fuels' market prognosis is now untethered from their fundamentals.
  • He cited "new kinds of money managers who frankly just want to appease younger people who believe that you can’t ever make a fossil fuel company sustainable."

Where it stands: It excited divestment advocates like Naomi Klein, Bill McKibben, and Bernie Sanders, who all seized on the comments from an analyst outside the activist ranks.

  • "Why are Wall Street investors getting scared of fossil fuel stocks?" Bernie Sanders tweeted. "Because the climate justice movement is making it clear that political pressure for divestment will not stop. It will only grow stronger."
Data: FactSet; Chart: Axios Visuals

The big picture: Friday's results sent the stocks of Exxon — already at a decade-low after several tough years — and Chevron downward. It's just the latest sign of the sector's waning market performance.

  • Bloomberg columnist Liam Denning notes that energy's weighting in the S&P 500 index last week fell below 4% for the first time in at least four decades.
  • Exxon fell out of the S&P's top 10 for the first time last summer — a sign of its declining market value, especially relative to other huge corporations.

While climate activists quickly signal-boosted Cramer's comments, it's hardly clear that investors are truly spooked over climate concerns and pressure.

  • A more conventional analysis is that industry woes stem largely from the glut of both oil and especially natural gas in recent years. Chevron wrote down $10 billion in assets in Q4, largely related to gas holdings.
  • "Rising demand, exceeded only by the amount of supply growth depressing prices and shares, is an odd situation to characterize as the 'death knell phase,'" tweeted Jason Bordoff, head of a Columbia University's energy think tank.

Quick take: Axios' Dion Rabouin said poor financial performance — not the environment — is what's really behind the trend of fossil fuel divestments. Check out the chart above.

  • "The oil companies are underperforming, so they're much easier to drop. And because the Dow and S&P 500 haven't dropped them, firms and asset managers can outperform the market and claim it's all an effort to be woke on the environment and sustainability," Dion notes.

Go deeper: Big Oil's big lobbying Q4

Go deeper

McCarthy jokes about hitting Pelosi with gavel if he becomes Speaker, in new audio

Kevin McCarthy. Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) can be heard saying "it would be hard not to hit" House Speaker Nancy Pelosi with the speaker's gavel if Republicans retake the House in 2022 and he becomes speaker, according to new audio posted to Twitter by a Main Street Nashville reporter.

Driving the news: McCarthy made the comments during a fundraising event in Tennessee, as he was handed an oversized gavel by members of the Tennessee congressional delegation, reports CNN.

Updated 4 hours ago - World

U.S. and U.K. blame Iran for drone strike on oil tanker

Britain's Foreign Secretary Dominic Raab. Photo: Sameer Al-DOUMY / AFP

Secretary of State Antony Blinken and British Foreign Secretary Dominic Raab said on Sunday that the United States and United Kingdom, respectively, now believe Iran was likely responsible for last week's drone strike on an oil tanker in the Arabian sea.

Why it matters: The United States and Britain now join Israel in accusing Tehran of being behind the July 29 attack off the coast of Oman. Iran has denied involvement.

10 hours ago - Sports

Suni Lee wins bronze medal in uneven bars

Photo: Laurence Griffiths/Getty Images

U.S. gymnast Sunisa "Suni" Lee won her 3rd Olympic medal on Sunday, taking home bronze in the individual uneven bars event.

Driving the news: Also on Sunday, U.S. gymnast MyKayla Skinner won the silver medal in the vault on Sunday after stepping in for Simone Biles, who withdrew from the event to prioritize her mental health and well-being.