NEW YORK (Reuters Breakingviews) - Exxon Mobil is the fossil fuel giant that is being attacked by a minnow. Newly formed activist fund Engine No. 1 has taken on the $176 billion oil major, demanding changes. The fund has only about a $40 million stake – or 0.02% to be precise. So Engine needs a few sharks in its corner. Given Exxon’s record of destroying capital and ignoring shareholders, that shouldn’t be hard. Once the biggest American public company, the Texas-based oil driller is now well down the list. Over the past decade, it has spent $15 billion more on dividends and capital expenditure than cash generated by its business. The result has been a steadily growing debt load and steeply underperforming stock price. The share price has declined about 40% since the start of the year alone, and the company has underperformed rival oil majors over the past five years. The firm recently begrudgingly acknowledged oil’s difficulties. Next year’s capital spending will fall to between $16 billion and $19 billion. But Chief Executive Darren Woods still says 2025 spending could surpass this year’s roughly $23 billion. And shareholders pleas to consider a greener future hasn’t been met with enthusiasm. Woods rarely joins earnings calls. An initiative passed by shareholders to produce a climate report has resulted in no substantive changes to its business. Engine No. 1 has sensible recommendations. It wants Exxon to appoint new independent directors with outside energy experience, invest only in projects with lower break-even oil and gas prices, consider using existing skills and scale to invest in growing areas such as renewable energy, and change compensation policy that has resulted in Woods’ pay increasing about 35% over the past two years, according to the activist. Still Exxon may not be inclined to give in, so Engine has to enlist others. It already has the California State Teachers’ Retirement System on board, which owns a $300 million stake in Exxon. But BlackRock could be next in line. The fund giant’s boss Larry Fink has said that climate change is fundamentally altering investing, and the investment manager voted earlier this year to split Exxon’s two top roles. That could be a big enough fish to fry Exxon.