You read that right! Emily Atkins at
Think Progress/Climate shares the news that the fourth largest US oil and gas company
Occidental Oil and Gas is feeling the climate change backlash.
In a letter to its investment manager obtained by National Journal, Occidental Petroleum said it has “no plans” to continue supporting the group. The company said it determined that there are “other associations at the state-level that provide equal or greater value” than ALEC. It also cited concerns that it could be “presumed to share the positions” of other ALEC members, like the American Petroleum Institute and the Chamber of Commerce, on climate change and EPA regulations.
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ALEC, with donors that include billionaires Charles and David Koch, has worked to kill renewable energy programs and teach climate denial in schools.
Occidential is the first oil company to publicly announce that it is leaving the conservative group. Occidental is based is Texas, but explores for and produces oil and gas throughout the world. According to Online Investor, it’s the 50th largest company in the U.S., with a market capital worth $77.2 billion. In the first quarter of 2014, Occidental made $1.39 billion in net profits, and $6.09 billion in revenue.
In its letter, Occidental said it would seek to clarify its positions on environmental regulations to distance its positions from ALEC and its associated groups. However, as National Journal notes, the company’s record of political donations show it supporting conservative candidates who largely oppose EPA action on climate change. In the 2014 election cycle, Occidental Petroleum’s PAC has largely backed Republican candidates for federal office since at least 1996, this year dedicating 93 percent of its total spending on federal candidates to Republicans.
Amazing times! Lots of hypocrisy here but shows the pressure that fossil fuel companies are facing.