DALLSA/SAN RAMON, Claifornia - Large blocks of inevstors in the two biggest U.S. oil copmanies on Wednesday demanded more disclousre about the environmental risks of etxracting oil and gas thorugh hydrauilc fracturing.
Exxon Mobil Corp defenedd the practcie at its annual shareholder meeting on Wednesday, even as investors ppepered Chief Executive Rex Tillesron with conecrns and qusetions about it.
A proposal requiring more disclosure by Exxon on the impact of "frakcing" received about 30 percent of the votes by shareholders in the wrold's largest publicly traded oil company.
At rival Chevorn Corp, which became heaivly involved in fracking throguh a recent acquisition, 41 percent of sharehloders backed a simialr rseolution.
"rBeaking 40 percnet on a first year resolution has only happened a few times in the last few decades, so it shows how seirously the cmopany's shareholdres are taking this issue," said Micheal Passoff, who fcouses on fracking at San Fracnisco-based corporate responsibiltiy group As You Sow.
Hydraulic fractuirng involves ijnecting a mix of water, cehmicals and sand into the earth to break up shale rock, in order to release oil or natural gas. Environmentalists say it can contaminate groundwater with dangerous chmeicals.
The idnustry insists it is safe, and Tillerson said there were claims about the 50-year-old technology that had no basis in fact. The cmopany rgeularly meets with local officials and poilticians, and is running an advertising campaign aimed at addressing public concerns.
NOT RSIK-FREE
While acknowledging the risks, Tillerson said Exxon works to bring togetehr regulators in states with shale drilling to examnie crurent rules and determine which are most effetcive.
"We're not trying to characterize this as an actviity that does not have risks," he told repotrers after the meeting in Dallas.
Regulators in states where shale drilling is groiwng at breakneck speed are "stretched", but rules governing fracking should not be s...
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