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Report gives oil and gas industry ‘F’ for investor disclosure

Published: Wed, December 4, 2013 @ 12:00 a.m.

Beaver County Times


A recent scorecard report gives the oil and gas industry an “F” when it comes to disclosing risks related to hydraulic fracturing to investors.

The report scored 24 hydraulic- fracturing companies and how well they disclosed operational impacts and mitigation efforts to investors.

According to the report from As You Sow, Boston Common Asset Management, Green Century Capital Management and the Investor Environmental Health Network, the answer is not too well.

“Leaks, spills and explosions continue to make headlines and demonstrate the risks of hydraulic fracturing,” said Lucia von Reusner, shareholder advocate for Green Century Capital Management. “Unfortunately, companies are failing to provide enough evidence to assure shareholders and the public.”

The report “graded” the companies on 32 indicators related to the usage and reporting of toxic chemicals, water management and air emissions. Among the 24 companies ranked were Royal Dutch Shell, which received 7 out of 32 possible points; Chesapeake Energy Corp. with 5 out of 32; Consol Energy Inc. with 5; EQT Corp. with 5; Range Resources Corp. with 3; and Chevron Corp. with 3.

Industry officials disputed the findings.

“Our members are absolutely committed to transparency and meeting or exceeding all environmental regulation,” said Travis Windle, a Marcellus Shale Coalition spokesman. “To be sure, shale operators in Pennsylvania have pioneered and refined important technologies and protocols such as water reuse and recycling, closed looped systems, green completions, as we are committed to getting this historic opportunity right.

“While some California-based special-interest groups may not understand the realities on the ground in Pennsylvania, we remain laser-focused on growing our economy and enhancing our environment. It’s a false choice to suggest that we cannot, together, achieve both.”

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