CLIMATE CHANGE COSTING BIG OIL BIG

…Shareholders ask the five largest US oil companies – Valero, Exxon Mobil, Marathon Petroleum, Phillips 66 and Chevron – to disclose the risks their operations and facilities face from rising sea levels and storm surges

Siri Srinivas, 26 February 2015 (UK Guardian)

“…[The five largest US oil companies were asked to disclose risks to their facilities from climate change impacts like from storms and flooding in letters from investors Calvert Investments, Pax World Management, Walden Asset Management and others and nonprofit advocates Ceres and the Union of Concerned Scientists after Stormy Seas, Rising Risks What Investors Should Know About Climate Change Impacts at Oil Refineries from] the Union of Concerned Scientists concluded that coastal refineries owned by each of the companies – Valero, Chevron, Exxon Mobil, Marathon Petroleum and Phillips 66 – are in danger of potentially costly disruptions due to rising sea levels and storms…Valero’s Meraux refinery in Louisiana faces the starkest physical risk…With forecasts that sea levels in the Gulf of Mexico could rise 3-4 ft (about 1 meter) by the end of the century, parts of the refinery are likely to be inundated by 2050…[It] suffered $330m in damages due to hurricane Katrina...Companies had little to say in response to the report…Of course, it’s difficult to discuss protecting assets from climate change without talking about climate change. And even though public rhetoric has changed, oil companies have funded climate-change denial for decades…” click here for more

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