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.
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