Chevron Corporation (nyse:cvx)

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.

Tue, 2009-03-17 13:04Kevin Grandia
Kevin Grandia's picture

Oil and Gas Lobbying on Capitol Hill up a Whopping 57% in 2008

Spending by oil and gas companies lobbying politicians on Capitol Hill jumped a whopping 57% between 2007 and 2008.

The oil and gas sector paid out a total of $128.6 million in 2008, compared to only $82 million in 2007. According to research we compiled using OpenSecrets.org’s database, this is an unprecedented rise in US lobbyist expenditures by the oil and gas sector.

In terms of lobbyist expenditures, the top 5 companies accounted for $72.6 million of this spending in 2008. In the year previous the top 5 spent only $38.76 million - a 53% increase in spending in a single year.

Here’s a breakdown of the lobbying expenditures by top 5 oil and gas companies:

1. ExxonMobil (NYSE: XOM) - spent $29 million in 2008, up from $16.9 milion in 2007.

exxonmobil-lobby-washington-2008

(click image to enlarge)

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