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New York Pension Fund Further Restricts Investments in Exxon, Other Oil Companies


These translations are done via Google Translate
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 $280 billion New York State fund is not a major holder of shale companies, but as the third-largest U.S. 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 $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 Corp, Delek Group, Dana Gas, and Unit Corp.

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Exxon did not immediately reply to a request for comment.

Similarly in 2022, the New York State fund said it would sell $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.

(Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber)



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