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Fidelity’s Fossil Fuel Problem - How One of the World’s Top

27 May 2022

Summary

The Johnsons’ Discovery Natural Resources’ Permian Basin oil and gas operations active ownership According to Discovery’s website, the company “is focused on the acquisition, of a major oil development and exploration of oil and gas properties in the Permian Basin,” production the most productive oilfield in the world and the engine of the U. [...] More than 90 percent of that oil and more than 81 Discovery Natural percent of that natural gas came from the Spraberry.”46 Resources is in According to data from the Texas Railroad Commission, which regulates oil the top 1% of oil and gas extraction in the state, Discovery Natural Resources held 674 oil and gas leases in 2020, producing 3,773,380 barrels of oil and 1,902,501 Mcf producers and of. [...] Oil and gas production in the Permian Basin has rapidly increased in the past decade, especially since Congress lifted a ban on the production and export of crude oil in 2015.77 The impacts of this industry on frontline and BIPOC communities in the Permian Basin are well documented and pose serious risks to the environment, local residents, and workers. [...] Indigenous leaders have resisted the production stream of the oil and gas industry in the Permian Basin and beyond.96 The Society of Native Nations have led resistance to leases and extraction in the Permian Basin and the Carrizo/ Comecrudo Tribe of Texas have resisted pipelines and other infrastructure that transfer oil and gas from the Permian Basin to the Gulf Coast. [...] These sets of funds, and the individual funds within them, are governed by different Boards of Trustees, who are responsible for “protecting the interests of The fossil shareholders” and who “meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide fuel industry services to the fund, oversee management of the risks associat.

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