ExxonMobil Shareholders Apparently Big BSG Fans
by Robert Quigley | 5:55 pm, May 26th, 2010
…For you see, ExxonMobil’s shareholders are deeply concerned with the environmental and regulatory risks inherent in “fracking.”
From a press release:
Hydraulic fracturing, or “fracking,” is a controversial process of injecting water, chemicals and particles underground to increase gas production. In response to reports of contaminated water supplies and intense public concern, tougher regulations have been introduced in New York, Pennsylvania, and Colorado and legislation has been introduced in Congress to repeal the exemption of fracking from the Safe Drinking Water Act.
“Fracking poses regulatory risks that could greatly increase operation costs, legal liabilities from health impacts, and reputational risk from growing public and political opposition,” added Passoff. “If ExxonMobil truly aren’t concerned about the financial ramifications of fracking, they’re not a good bet for investors.”
In the absence of meaningful disclosure by the company, shareholders took the unusual step of highlighting fracking risks with the Securities and Exchange Commission. (http://bit.ly/9TFOjP). For background on the significance of today’s shareholder vote, see http://jm.ly/EGys66.
(via PR Newswire. Thanks, Scott!)
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