Cabot Oil agrees to disclose procedures for fracing fluids
BY MELODIE WARNER
NEW YORK -- New York State Comptroller Thomas P. DiNapoli said Cabot Oil & Gas Corp. has agreed to publicly disclose its policy and procedures for handling toxic substances in its hydraulic-fracturing fluids.
Oil companies have increasingly used hydraulic fracturing, or "fracing," to explore for oil and gas in shale rock formations. But environmentalists have said the technique--which blasts the rock with sand, chemicals and water--can contaminate groundwater.
Mr. DiNapoli said Tuesday he has withdrawn a shareholder proposal that called for a report on the use of these substances in Cabot' s shale-energy operations.
Representatives for Cabot weren' t immediately available for comment.
Mr. DiNapoli, as 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 concerning their disclosure of chemicals used in the hydraulic-fracturing process and reducing potential hazards associated with fracing.
The comptroller' s office has also reached agreements with Hess Corp., Range Resources Corp.and SM Energy Co. under which the companies will disclose their hydraulic-fracturing activities.
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