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ESG

Denmark’s PKA divests from 35 oil and gas companies

PKA, Hellerup, Denmark, excluded 22 U.S. oil companies from its portfolios in efforts to foster international environmental goals stipulated under the Paris agreement, the 250 billion kroner ($41.3 billion) pension fund said in a news release Thursday.

PKA engaged with all of its oil and gas companies to boost their efforts to implement the main objective of the global initiative — keeping the maximum temperature rise to 2 degrees Celsius.

Altogether, PKA divested from 35 oil and gas companies, which did not meet the requirements fostering these goals. A spokesman declined to disclose the size of the divestments and asset classes involved.

To date, the pension fund has eliminated 40 oil and gas companies and 70 coal companies from its investments, replacing them with 20 billion Danish kroner worth of investments in climate-focused projects. Fifteen companies remain under observation as PKA is looking to steer them in a more "climate-friendly" direction, and it continues to invest with 12 other companies in the oil and gas sector, the pension fund said.

In 2017, PKA said global demand for oil could fall by 23% over the next 15 years, pushing the price of the commodity down.

The 35 companies PKA divested from are:

  • Anadarko Petroleum,
  • Apache Corp.,
  • Arc Resources,
  • Cabot Oil & Gas,
  • Chesapeake Energy,
  • Cimarex Energy,
  • Concho Resources,
  • Continental Resources,
  • Crescent Point Energy,
  • Devon Energy,
  • Diamondback Energy,
  • Ecopetrol,
  • Energen,
  • EOG Resources,
  • EQT,
  • Public Joint Stock Co.
  • Gazprom,
  • Gulfport Energy,
  • Husky Energy,
  • Inpex Corp.,
  • PJSC Lukoil Oil Co.,
  • Marathon Oil,
  • Murphy Oil,
  • Newfield Exploration Co.,
  • Noble Energy,
  • Occidental Petroleum,
  • Oil Search,
  • Parsley Energy,
  • Peyto Exploration & Development,
  • Rice Energy,
  • PJSC Rosneft Oil Co.,
  • RSP Permian,
  • China Petroleum & Chemical Corp.,
  • Southwestern Energy, Tullow Oil, and
  • Vermilion Energy.