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Tuesday, February 5, 2013

Investors press oil/gas companies to reduce, report risks from fracking operations

Investors have called on 9 leading oil and gas companies to disclose information about the ways they are managing and measuring the risks associated with hydraulic fracturing and shale gas transmission.

Shareholders have filed resolutions with Cabot Oil and Gas, Chevron, Exxon Mobil, EOG Resources, ONEOK, Pioneer Natural Resources, Spectra Energy, Range Resources and Ultra Petroleum.  The shareholder resolutions call for quantifiable progress on environmental risks, fugitive methane emissions and other community impacts.

These actions show increasing investor focus on responsible gas production.  How will the companies they own respond?

Feb. 6 UPDATE: There has already been response by one company.  Cabot Oil and Gas has announced a new policy prohibiting the use of diesel and BTEX in fracking fluids in Cabot wells.  The shareholder resolution filed by the company's shareholders was withdrawn.  

Bravo, responsible investors, and bravo, Cabot.

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