Third Point Partners has a more than $500 million stake in Royal Dutch Shell and believes the company should split its refining and renewables operations.

Dan Loeb’s hedge fund believes the two different businesses would attract different investors and help clarify their respective strategies separately, according to the fund’s most recent investor letter.

That would be a nearly 0.3% stake in the $200 billion market-cap company.

Shell’s shares closed slightly down in London before the news was reported but spiked 3.4% on U.S. markets before falling back slightly. The company is due to report earnings tomorrow.

At a strategy day for investors in February, the London and Amsterdam-listed company said its oil production peaked in 2019 and it would link the pay of 16,500 staff to targets related to its goal of achieving net-zero emissions by 2050.

Energy companies have received a barrage of activism in 2021, including a proxy fight at Exxon Mobil that saw new hedge fund Engine No. 1 win three board seats on a platform of reducing uneconomic drilling commitments in favor of more renewable sources of energy, and shareholder proposals won more support than ever. According to Proxy Insight Online, support for the 108 environmental shareholder proposals subject to a vote globally almost doubled this proxy season to 27.2%, while climate lobbying proposals averaged over 50%.