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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

Updated 11 mins ago - Politics & Policy

New York AG alleges "significant evidence" of Trump Organization fraud

Combination images of former President Trump and New York State Attorney General Letitia James. Photo: Al Drago/Bloomberg via Getty Images; Scott Heins/Getty Images

New York's attorney general filed a motion Tuesday seeking to compel former President Trump and his two elder children to appear for sworn testimony in her office's civil investigation into the Trump Organization's financial dealings.

Why it matters: Attorney General Letitia James revealed new details in the court filing and a statement on her office's investigation into the Trump Organization's business practices, including a preliminary finding alleging the company used "fraudulent and misleading asset valuations to obtain economic benefits."

2 hours ago - Technology

Ex-N.Y. Post digital chief files lawsuit alleging sexual harassment

Richard B. Levine) (Photo by Richard Levine/Corbis via Getty Images

Former New York Post editor Michelle Gotthelf is suing her former employer, its parent company News Corp. and two editors, alleging she was reprimanded after complaining to senior executives that she was sexually harassed by retired N.Y. Post editor-in-chief Col Allan. The N.Y. Post issued a statement denying any wrongdoing.

Why it matters: "I felt that I owed it to myself and I owed it to the news organization and the people who answered to me," Gotthelf, who was a long time editor at the N.Y. Post, told Axios in an interview.

Updated 3 hours ago - Economy & Business

Airlines warn of flight cancellations amid 5G rollout concerns

Emirates SkyCargo airline Boeing 777F aircraft. Photo: Nicolas Economou/NurPhoto via Getty Images

Emirates and Delta airlines announced Tuesday that the planned rollout of 5G services at certain American airports could affect flights.

Driving the news: AT&T and Verizon announced earlier Tuesday that they would delay this week's scheduled rollout of 5G signals near a limited number of airports due to continued concerns from the aviation industry.