The trio of events that appeared to upset the status quo last Wednesday at ExxonMobil, Chevron Corp. and Royal Dutch Shell plc demonstrates increasing risks ahead for oil and natural producers as they transition for the new energy world ahead, according to analysts.

Shareholder votes at the annual general meetings for ExxonMobil and Chevron, as well as a Dutch court ruling against Shell, are “aimed at prodding the companies to take greater efforts to address greenhouse gas emissions” to improve environmental, social and governance (ESG) issues, Moody’s Investors Service analysts said. 

ExxonMobil shareholders elected at least two candidates by Engine No. 1, which owns only 0.02% of stock. Nearly one-third (61%) of Chevron’s shareholders called for limiting emissions from...