Religious shareholder activism continues its war on affordable, domestically produced energy in a campaign that can only be described as unholy. The first casualties of this war are the nation’s 10.5 million job seekers, the millions more who have quit looking for work, and the poor. The 2014 proxy resolution season finds the Sisters of St. Francis of Philadelphia joining other shareholders to force a May 2014 vote at Chevron Corp., which would require the company to report hydraulic fracturing (aka “fracking”) risks.
According to Houston Business Journal reporter Jordan Blum:
The effort is part of a larger one involving other shareholder activist groups that are pushing the same issue with Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM), Houston-based Occidental Petroleum Corp. (NYSE: OXY), Houston-based EOG Resources Inc. (NYSE: EOG) and Irving-based Pioneer Natural Co. (NYSE: PXD).
The domestic shale boom and Houston’s economic growth in recent years have received major assists from hydraulic fracturing. Although Chevron is based out of California, it is one of Houston’s 10 largest energy employers with more than 7,000 local workers, according to Houston Business Journal research.
A new filing on Chevron with the U.S. Securities and Exchange Commission by the Catholic order argues that fracking “continues to be linked to significant environmental and social impacts that could have financial implications for the company due to increased community opposition and regulatory scrutiny.” The filing notes that fracking “uses millions of gallons of water mixed with thousands of gallons of toxic chemicals to extract natural gas from underground shale formations.” (more…)