FYI – Great move COP & Judging by jump stock prices – public thinks so too!
Tuesday, February 16, 2010
ConocoPhillips Won’t Renew Membership In US Climate Action Partnership
Dow Jones Newswires
NEW YORK -(Dow Jones)- ConocoPhillips said Tuesday that it will not renew its membership in the U.S. Climate Action Partnership and will instead focus on reducing near-term greenhouse gas emissions by developing its natural gas operations.
The integrated oil giant joined more than two dozen other companies, organizations and environmental groups asking the federal government to form policies to reduce greenhouse gas emissions and to invest in lower-emitting technologies. Other members include U.S. divisions of major oil companies BP PLC and Royal Dutch Shell as well as utility, industrial and manufacturing companies.
ConocoPhillips’ announcement to leave to the partnership comes as climate legislation in Washington has stalled and there are mounting concerns about the burden proposals in the House and Senate will have on domestic refiners and U.S. consumers.
The proposed bills “to date have disadvantaged the transportation sector and its consumers, left domestic refineries unfairly penalized versus international competition, and ignored the critical role that natural gas can play in reducing GHG emissions,” said ConocoPhillips Chief Executive Jim Mulva in a press release. Instead, the company will focus on developing natural gas, a lower-emission fuel, as an opportunity to reduce emissions and create jobs.
The major oil company is one of U.S.’s largest refiners. The refinery industry has been plagued by high oil prices and persistently low demand due to poor economic conditions. Without a substantial recovery in demand, compressed refining margins are expected to remain compressed as higher biofuel-blending requirements and fuel-efficiency standards kick in.
ConocoPhillips shares were recently trading up 1.3% at $49.28.
-Naureen S. Malik, Dow Jones Newswires; 212-416-4210; email@example.com