Cabot Oil agrees to disclose procedures for fracing fluids

2/5/2013

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 DiNapoli said Tuesday he has withdrawn a shareholder proposal that called for a report on the use of these substances in Cabot's shale-energy operations.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.

Dow Jones Newswires

 

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