New York pension fund further restricts investments in Exxon, other oil companies
THE New York State Common Retirement Fund would restrict its investments in eight integrated oil and gas companies including Exxon Mobil, after a review of the companies’ readiness to transition to a low-carbon economy, New York Comptroller Thomas DiNapoli, who oversees retirement assets, said.
While various universities and public pension funds have restricted oil and gas holdings, few large corporate asset managers have taken similar steps amid high energy prices.
The US$280 billion New York State fund is not a major holder of shale companies, but as the third-largest US state pension fund its decisions are closely followed as other institutions weigh whether to move away from fossil fuel stocks.
The fund had holdings of nearly US$26.8 million as of Dec 31, 2023 from the companies to be divested and restricted, which include Guanghui Energy Company, Echo Energy, IOG, Oil and Natural Gas, Delek Group, Dana Gas, and Unit Corp.
Exxon did not immediately reply to a request for comment.
Similarly in 2022, the New York State fund said it would sell US$238 million worth of stock and debt it holds across 21 shale oil and gas companies, saying they have not shown they are ready to move to a low-emissions economy. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few
China State Shipbuilding to build 18 LNG ships for QatarEnergy
Shell earns US$1 billion a year from US crude trading, court filing shows