NY comptroller: Cabot to reduce fracking risk

ALBANY, N.Y. — The trustee of New York’s $150.1 billion pension fund has reached an agreement with Cabot Oil and Gas Corp. to disclose what it’s doing to reduce risks of hydraulic fracturing, or fracking.

State Comptroller Thomas DiNapoli says Tuesday that Cabot has agreed to publicly disclose its policy and procedures for eliminating or minimizing the use of toxic substances in fracking fluids. In turn, DiNapoli has withdrawn his shareholder proposal submitted for the company’s 2013 proxy statement to demand such disclosure.

DiNapoli says shareholders’ value is better protected when companies disclose the risks associated with their operations.

New York’s pension fund has 681,692 shares of Pittsburgh-based Cabot worth $35.8 million.

DiNapoli also has agreements with Hess Corp., Range Resources and SM Energy to disclose potential business and environmental risks of fracking.