Wednesday, February 6, 2013
 

 

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Cabot Oil and Gas to disclose policies on hydraulic fracturing fluid

ALBANY - Cabot Oil and Gas Corporation has agreed to publicly disclose its policy and procedures for eliminating or minimizing the use of toxic substances in its hydraulic fracturing fluids. As a result of the agreement, New York State Comptroller Thomas DiNapoli has withdrawn his shareholder proposal submitted for the company’s 2013 proxy statement calling for a report on the use of these substances in Cabot’s shale energy operations.

“Cabot has taken a positive step to reduce risk to shareholders, the environment and the communities in which it operates,” DiNapoli said. “This agreement means that Cabot will publicly release what it is doing to use less toxic substances in its hydraulic fracturing fluids and detail how it is ensuring these efforts are being carried out. Shareholder value is better protected when companies disclose the risks associated with the hydraulic fracturing process.”

The comptroller has also reached agreements with portfolio companies Hess Corp., Range Resources and SM Energy to disclose potential business and environmental risks linked to their hydraulic fracturing activities.  In 2013, DiNapoli is engaging with a number of oil and gas companies seeking to reach agreements on ways that they can reduce risk and protect shareholder value by limiting environmental harm and liability from company operations.

As of Feb. 1, 2013, the Common Retirement Fund held 184,350 shares of Cabot worth $6.9 million.