NY comptroller: Cabot to reduce fracking risk - NEWS10 ABC: Albany, New York News, Weather, Sports

NY comptroller: Cabot to reduce fracking risk

Posted:

ALBANY, N.Y. (AP) - The trustee of New York's $150.1 billion pension fund has reached an agreement with Cabot Oil and Gas Corp. to disclose what it's doing to reduce risks of hydraulic fracturing, or fracking.
    
State Comptroller Thomas DiNapoli says Tuesday that Cabot has agreed to publicly disclose its policy and procedures for eliminating or minimizing the use of toxic substances in fracking fluids. In turn, DiNapoli has withdrawn his shareholder proposal submitted for the company's 2013 proxy statement to demand such disclosure.
    
DiNapoli says shareholders' value is better protected when companies disclose the risks associated with their operations.
    
New York's pension fund has 184,350 shares of Pittsburgh-based Cabot worth $6.9 million.
    
DiNapoli also has agreements with Hess Corp., Range Resources and SM Energy to disclose potential business and environmental risks of fracking.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow
     
NEWS10 ABC
341 Northern Boulevard
Albany, NY 12204
+(518) 436-4822
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WTEN. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.