Tulsa’s Unit Corporation is one of eight oil and gas companies targeted by the New York State Common Retirement Fund which plans to divest investments over the readiness of the firms to move to a low-carbon economy.
According to a report by Reuters, the divestment plan was confirmed by New York Comptroller Thomas DiNapoli who oversees retirement assets.
The $280 billion New York State fund is not a major investor in shale companies such as Unit Corp. But according to the report, it is the third-largest U.S. state pension fund and its decisions about investments are closely followed by other institutions.
Along with Unit Corp, the fund wants to divest or restrict its holdings in Exxon, Guanghui Energy Company, Echo Energy, IOG, Oil and Natural Gas Corp, Delek Group and Dana Gas. The fund had holdings of nearly $26.8 billion in the firms as of the end of 2023.
The New York State fund made a similar announcement in 2022, planning to sell $238 million in stock and debt held in 21 shale oil and gas companies. The move was made because those oil and gas firms indicated they were not ready to move to a low-emissions economy.