ABC News: Exxon Fracking Report Responds to Shareholders
Exxon Mobil issued a report Tuesday that acknowledges the environmental risks of hydraulic fracturing but also defends the practice as being better for the environment than other types of energy production and generation.
Under pressure from the corporate responsibility group As You Sow, as well as New York City Comptroller Scott Stringer and other shareholders, Exxon agreed earlier this year to reveal more about how it manages the risks involved with the drilling technique, known as fracking.
The report acknowledges that drilling wells and producing oil and gas from shale formations and other so-called unconventional sources do carry risks, including the possibility of water contamination and leaks of natural gas into the atmosphere that contribute to climate change.
"Hydraulic fracturing has been responsibly and safely used by the oil and gas industry for more than 60 years, but the process isn't without risks," said Jeffrey Woodbury, vice president of investor relations, in a statement.