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Gas Co. Investors Demand Disclosure Of Fracking Chemicals

Gas Co. Investors Demand Disclosure Of Fracking Chemicals

Apparently, environmental advocates aren’t the only ones concerned about the double standard that allows gas companies to withhold information about chemicals used during hydraulic fracturing.

Friday morning, leading U.S. investors filed shareholder resolutions with nine oil and gas companies, pressing them to disclose their plans for managing water pollution, litigation and regulatory risks that are increasingly associated with ever-expanding natural gas hydraulic fracturing operations.

Resolutions targeted many significant players in the natural gas industry, including ExxonMobil, Chevron, Ultra Petroleum, El Paso, Cabot Oil & Gas, Southwestern Energy, Energen Anadarko and Carrizo Oil & Gas.

“Oil and gas firms are being too vague about how they will manage the environmental challenges resulting from fracking,” said New York State Comptroller Thomas DiNapoli, whose office filed a resolution with Cabot Oil & Gas asking for a specific plan to reduce or eliminate the hazards.

“The risks associated with unconventional shale gas extraction have the potential to negatively impact shareholder value,” DiNapoli continued. “I urge companies working in this field to share their risk mitigation and management strategies with investors and the public.”

The shareholder proposals ask companies to disclose their policies and strategies for reducing environmental and financial risks from chemicals use, water impacts and a host of other issues.

Take Action: Support a repeal of the natural gas industry exemption from the Safe Drinking Water Act!

Related Reading:
Dangers Of Hydrofracking Exposed In New Music Video
Democrats Rally To Demand Fracking Liquid Disclosure
Natural Gas Fracking Threatens Drinking Water (Video)

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Image Credit: Flickr - marcellus protest

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1:19PM PST on Feb 24, 2011

These companies with never reveal everything...never have and never will. That is why unfortunately we the people have to make decisions as whether any operations follow our own guide lines. Just maybe with shareholders demanding the information...even then losts of shareholders in the past have known of nasty things going on and helped to cover up.

2:56AM PST on Jan 30, 2011

wonder how all of this will turn out

9:35AM PST on Jan 25, 2011

like a tobacco industry.smoking does not cause cancer...yeah

9:34AM PST on Jan 25, 2011

You would not believe Th amount of those fracking gas wells there are, north of little rock, arkansas. After looking into this, i found out, it started in the very end of 1930, about, 1939. All along the arkansa river east, and west above little rock, arkansa, the fist we heard of the birds falling dead out of the sky. But the way, it will happen, is when they, got all the money out of it they can get, no man, or bird, will be able to go near the place or the pollution, will kill you. Then we will say how it use to be, and we should have done some thing about it, but we are cowards, lay down, and piss on our selfs!!!!!!

9:01PM PST on Jan 24, 2011

Check out the HBO documentary Gasland, it gives some info on the "materials" used in hydrofracking. It made me sick just watching it!

8:46PM PST on Jan 24, 2011

noted :0

2:08PM PST on Jan 24, 2011

makes me want to check out my mutual funds and see if I can use my proxy right to help with these efforts

11:34AM PST on Jan 24, 2011

I thought "Transparency" was the new word.....

5:40AM PST on Jan 24, 2011

"The risks associated with unconventional shale gas extraction have the potential to negatively impact shareholder value," DiNapoli continued. "I urge companies working in this field to share their risk mitigation and management strategies with investors and the public."
Well, that's pretty cut and dried and he makes no real bones about it. The real concern is how the money flows trying to hide behind a cry of,
"Foul! Everybody join in and investigate this and make a lot of noise about the big guys might lose lots of money!"

5:21PM PST on Jan 23, 2011

We need far more research before fracking is approved or allowed to continue.

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