Cabot Oil and Gas to Disclose Procedures to Minimize Toxic Substance Use in Fracking
New York State Comptroller Thomas DiNapoli announced Tuesday that 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As a result of the agreement, DiNapoli has withdrawn his shareholder proposal submitted for the company’s 2013 proxy statement calling for a report on the use of these substances in Cabot’s shale energy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.
DiNapoli, trustee of the $150.1 billion New York State common retirement fund, has filed several resolutions over the past three years with oil and natural gas companies. The fund owns stock concerning disclosure of legal and regulatory risk, chemicals used in the hydraulic fracturing process and identification and reduction of potential hazards associated with hydraulic fracturing.