Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Thursday, February 9, 2012

Investors Challenge 18 Oil and Gas Companies on Climate Change, Hydraulic Fracturing, and Sustainability Risks

Investors Challenge 18 Oil and Gas Companies on Climate Change, Hydraulic Fracturing, and Sustainability Risks

http://media.prnewswire.com/en/jsp/latest.jsp?resourceid=4983684&access=EH

Investors act on climate and energy challenges while Washington waits

BOSTON, Feb. 8, 2012 /PRNewswire/ -- Leading U.S. investors today announced they have filed shareholder resolutions with Exxon-Mobil, Chevron, Chesapeake Energy, ConocoPhillips and 14 other oil and gas companies, pressing them to disclose their plans for managing environmental and workplace challenges including hydraulic fracturing, greenhouse gas emissions and worker safety.
"The common thread of these resolutions is stronger management focus on environmental and social challenges that will have real bottom-line impacts," said Mindy Lubber, director of the Investor Network on Climate Risk (INCR) and president of Ceres , which helps coordinate the filings.  "These investors are telling companies they expect to see real progress on climate change, clean energy and other sustainability fronts, despite the policy paralysis in Washington."
Most of the resolutions address financial risks from hydraulic fracturing—called "fracking"— for natural gas.  Resolutions filed with EOG Resources, Chevron, Penn Virginia, Anadarko Petroleum, Range Resources, Chesapeake Energy, Noble Energy, Ultra Petroleum, Exxon Mobil, and Stone Energy seek detailed financial accountings of how companies are addressing risks associated with community concerns, regulatory changes and drilling moratoriums.

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