Occidental Petroleum

Tue, 2014-02-04 20:29Sharon Kelly
Sharon Kelly's picture

Risks of Fracking Boom Draw Renewed Attention from Investors

A coalition of investors called out five oil and gas companies for failing to measure or reduce risks associated with fracking on Tuesday, singling out companies both large and small for how they’ve handled the myriad risks associated with shale oil and gas extraction.

Shareholders in five companies — ExxonMobil, Chevron, EOG Resources, Occidental Petroleum and Pioneer Resources — filed resolutions objecting to the ways that the companies describe the risks of hydraulic fracturing and their failures to reduce the environmental and social impacts of fracking.

“The damaging impacts of hydraulic fracturing on air, water, and local communities have made the public understandably nervous and resistant to permitting this controversial industrial activity,” said Leslie Samuelrich, President of Green Century Capital Management, which together with the New York State Comptroller Thomas DiNapoli, filed the resolution at EOG Resources.

“Companies that fail to demonstrate a public commitment to identifying and mitigating their impacts will fail to earn the public trust,” she added, “and may put shareholder value at risk.”

Four of the five companies – ExxonMobil, Chevron, EOG Resources, and Occidental Petroleum –  received failing scores in a recent report that examined how companies disclosed the impact of fossil fuel extraction and graded their efforts to mitigate risks. Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations focused on 24 companies that use fracking, assessing the ways each handled toxic chemicals, water and waste, air emissions, community impacts, and governance. EOG Resources received a score of 6 out of 32, Chevron a score of 3, ExxonMobil and Occidental Petroleum each got a score of just 2.

That has some investors, including those overseeing New York City’s pension fund, worried.

Mon, 2013-02-11 10:49Steve Horn
Steve Horn's picture

NY Fracking Scandal: Seven Groups Demand Conflict of Interest Investigation of Cuomo Administration

New York could soon become the newest state in the union to allow hydraulic fracturing (fracking), the controversial technique used to enable shale oil and gas extraction. The green light from New York Governor Andrew Cuomo could transpire in as little as “a couple of weeks,” according to journalist and author Tom Wilber.  

That timeline, of course, assumes things don't take any crazy twists or turns. 

Enter a press conference today in Albany, where seven groups, including Public Citizen, Food and Water WatchFrack Action, United for ActionCatskill Citizens for Safe Energy, and Capital District Against Fracking, called for an Albany County District Attorney General investigation of the Cuomo Administration.

They are asking “whether Lawrence Schwartz, Secretary to Gov. Andrew M. Cuomo, has a conflict of interest between his stock investments and his involvement in the state’s decision on whether to allow high-volume hydraulic fracturing for shale gas.”

Thu, 2011-02-17 03:35Brendan DeMelle
Brendan DeMelle's picture

‘Energy In Depth’ Was Created By Major Oil and Gas Companies According to Industry Memo

Update 11:35am PST: IPAA link is broken again, so use this link to view the memo.

Update 9:48am PST: It looks like the IPAA link works again. Here is the original link. In case similar access issues arise, I will continue to host the document at DeSmogBlog.

*Update 9:03am PST: It appears IPAA may have removed the memo from its website today in the wake of this report, so I have attached it to this post as a PDF and updated the links in the post so the memo is available for the world to see.

DeSmogBlog has uncovered an industry memo revealing that ‘Energy In Depth’ is hardly comprised of the mom-and-pop “small, independent oil and natural gas producers” it claims to represent.  In fact, the industry memo we found, entitled “Hydraulic Fracturing Under Attack,” shows that Energy In Depth “would not be possible without the early financial commitments” of major oil and gas interests including BP, Halliburton, Chevron, Shell, XTO Energy (now owned by ExxonMobil), and several other huge oil and gas companies that provided significant funding early on and presumably still fund the group’s efforts.

According to the 2009 memo, Energy In Depth was orchestrated as a “major initiative to respond to…attacks” and to devise and circulate “coordinated messages” using “new communications tools that are becoming the pathway of choice in national political campaigns.”

Energy In Depth (EID) is featured in the news a lot these days, chiefly for attacking the Oscar-nominated documentary Gasland, but also for its extensive efforts to malign the excellent reporting done by ProPublica, the Associated Press and other outlets. EID seems to attack everyone who attempts to investigate the significant problems posed by hydraulic fracturing and other natural gas industry practices that have been shown to threaten public health and water quality across America.

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