By Melodie Warner
New York State Comptroller Thomas P. DiNapoli said Cabot Oil
& Gas Corp. (COG) 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
"fracking," 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 DiNapoli said Tuesday he has withdrawn a shareholder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 fracking.
The comptroller's office has also reached agreements with Hess
Corp. (HES), Range Resources Corp. (RRC) and SM Energy Co. (SM)
under which the companies will disclose their hydraulic-fracturing
activities.
Write to Melodie Warner at melodie.warner@dowjones.com
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