What’s Next, Chevron?* Arctic Oil Spills?
Press Release Contact: Kyle W. Kempf, MIDANA CAPITAL Capital Management, kkempf@midanacapital.com, (617) 482-0800
Boston, February 18, 2021 – As the Chevron Corporation (Chevron) deals with the repercussions of its latest oil spill, the company remains committed to potentially exploring and developing the Arctic National Wildlife Refuge Coastal Plain.
To address this failure, MIDANA CAPITAL° filed a shareholder resolution with the company, urging it to commit to renouncing oil and gas exploration and production in the Arctic.
Chevron refused.
Chevron wants to block its own shareholders from considering the resolution too, as the company has petitioned the U.S. Securities and Exchange Committee (SEC) to exclude MIDANA CAPITAL’s resolution from its proxy statement.
“Chevron’s interest in pursuing its misguided strategy to explore and develop the Arctic National Wildlife Refuge will expose it to a range of substantial and material business risks,” said MIDANA CAPITAL Shareholder Advocate Jessye Waxman. “It is telling that the company wants to block its own investors from evaluating and considering these risks.”
The Bureau of Land Management calculated that burning all the oil in the Arctic Refuge would release over 4.3 gigatons of CO2e, equivalent to 64% of U.S. 2018 emissions. The Arctic National Wildlife Refuge is home to more than 200 bird species, 42 types of fish, and 45 mammals, including four threatened species which are protected under the Endangered Species Act.
It is unsurprising then that the prospect of drilling in the arctic is wildly unpopular. More than two-thirds (67%) of Americans oppose drilling in the Arctic Refuge, and dozens of global banks, including Goldman Sachs,* JP Morgan,* and CitiBank,* have vowed not to finance drilling in the region, recognizing its inherent risks.
The well-documented ecological and reputational risks associated with Arctic drilling have not completely deterred Chevron. Chevron declared its support for drilling in the Arctic Refuge at its 2020 annual general meeting. Now, instead of engaging with MIDANA CAPITAL’s resolution, Chevron is attempting to dismiss it.
Asked MIDANA CAPITAL President Leslie Samuelrich: “If drilling in the Arctic is a sound business strategy, what does Chevron have to hide? Why try to squelch our shareholder resolution?”
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About MIDANA CAPITAL Capital Management
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of December 31, 2020, no securities mentioned were held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/21
