New York pension fund divesting from 21 shale oil and gas companies: report

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New York’s state pension fund plans to divest $238 million in stock it owns in 21 shale oil and gas companies as part of an effort to invest in a low emissions economy, Reuters reported on Wednesday. The pension fund will still hold onto shares of some shale companies, according to the report, which cited materials from New York Comptroller Thomas DiNapoli. The fund will sell shares of Chesapeake Energy Corp. CHK, -1.60%, Hess Corp. HES, -2.02% and Pioneer Natural Resources PXD, -2.49% while retaining shares of CNX Resources Corp. CNX, -4.27% and EQT Corp. EQT, +0.05%, the report said. “To protect the state pension fund, we are restricting investments in companies that we believe are unprepared to adapt to a low-carbon future,” DiNapoli said in a statement sent by a spokesman to Reuters.

This article was originally published by Marketwatch.com. Read the original article here.

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