Bloomberg: Investors Demand Climate-Risk Disclosure in 2013 Proxies
According to Ernst & Young LLP, more than 40% of shareholder resolutions submitted in 2012 deal with environmental and social issues. The environmental impact of hydraulic fracturing, or fracking, continues to receive increasing attention from shareholders. Avery Fellow, of Bloomberg BNA, writes: “Shareholders are filing resolutions asking companies to disclose physical risks posed by climate change for the first time this proxy season, according to representatives of sustainable investor groups. Shareholders also are continuing to file an increasing number of sustainability related resolutions asking companies to set greenhouse gas emission reduction goals, publish sustainability reports, pursue energy efficiency, and disclose …
Anadarko – Hydraulic Fracturing (2012)
Whereas: Hydraulic fracturing in natural gas drilling has become highly controversial. The resolution proponents are concerned about regulatory, legal, reputational and financial risks associated with the environmental, health, and social impacts of fracturing operations. Concern about water sources, toxic chemicals and wastewater has led to new regulations in several states and proposed federal legislation. Explosions, contamination incidents, and millions of dollars in fines demonstrate that things can and do go wrong. For example, in Pennsylvania, officials have cited energy companies for 2,500+ violations associated with fracturing practices and collected $25.7 million in fines since 2008. More than 250 health care professionals …
Trillium Joins Investors in Challenging Nine Oil and Gas Companies on Hydraulic Fracturing Practices
January 21, 2011 Trillium Files Resolution with Anadarko Petroleum to Spur More Responsible “Fracking” Practices BOSTON – Leading U.S. investors today announced they have 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 (also known as “fracking”) in the United States. Resolutions were filed with many of the natural gas industry’s significant players, including ExxonMobil, Chevron, Ultra Petroleum, El Paso, Cabot Oil & Gas, Southwestern Energy, Energen, Anadarko and Carrizo Oil & Gas. “Oil and …
Anadarko – Environmental Impacts of Hydrofracturing (2011)
WHEREAS Onshore “unconventional” natural gas production often requires hydraulic fracturing, which typically injects a mix of millions of gallons of water, thousands of gallons of chemicals, and particles deep underground to create fractures through which gas can flow for collection. According to the American Petroleum Institute, “up to 80 percent of natural gas wells drilled in the next decade will require hydraulic fracturing.” The potential impacts of those fracturing operations stem from activities above and below the earth’s surface — including actions that are necessarily part of the life cycle of fracturing and extraction, such as assuring the integrity …
The "Cleaner" Fossil Fuel? Not Quite Yet
Natural gas is widely recognized as the least environmentally damaging fossil fuel, one that will play a key role in bridging our transition to a greener energy future. Although reserves of conventional natural gas have been steadily decreasing in recent years, recent advances in the unconventional drilling technique known as hydraulic fracturing (or “hydrofraccing”) are unlocking vast reserves of previously unavailable natural gas. According to the Energy Information Administration of the Department of Energy, onshore unconventional production, which often requires hydrofraccing, has surpassed onshore conventional production and is expected to increase exponentially in the next two decades. But the process …
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