Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS (COP)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Oil Companies Seek to Dismiss New York City's Climate-Change Lawsuit

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/13/2018 | 11:34pm CEST

By Gerald Porter Jr.

Lawyers for five major oil companies asked a federal judge Wednesday to dismiss a lawsuit filed by New York City, arguing they shouldn't be held responsible for damages the city says are caused by climate change.

In January, the administration of Mayor Bill de Blasio, a Democrat, sued five companies -- Chevron Corp., BP PLC, ConocoPhillips, Royal Dutch Shell PLC, and Exxon Mobil Corp. -- arguing they knowingly produced fossil fuels that hurt the environment and misled the public about potential risks.

In the lawsuit, the city isn't asking the companies to change their behavior. Instead, it is seeking billions of dollars in damages it says it needs to protect New York City residents from rising sea levels, erosion and other conditions it says are caused by climate change.

In Manhattan federal court on Wednesday, Chevron attorney Theodore Boutrous Jr. said the companies did nothing illegal. He said questions raised by the lawsuit are ones for Congress and regulators, not a judge in New York.

"These cases don't belong in court," Mr. Boutrous said.

ConocoPhillips lawyer John Savarese said it is impossible to prove oil companies are the only cause of climate change. While the companies produce fossil fuels, he said, they don't control how millions of people and businesses use their products.

Matthew Pawa, a lawyer for New York City, said the lawsuit isn't about fossil-fuel emissions dating back to the dawn of the Industrial Era. Rather, he said, the companies produced and sold a product they knew would hurt the environment, including coastal cities like New York.

"They knowingly caused harm," he added.

Judge John Keenan asked Mr. Pawa whether pinning responsibility for fossil fuels' negative environmental consequences would require "complex policy and foreign-policy judgments." Judge Keenan also asked if New York City uses fossil fuels. He then asked, "Doesn't the city invest in some of these companies?"

Mr. Pawa opted out of responding to the questions. In January, Mayor de Blasio and city Comptroller Scott Stringer, also a Democrat, said they would seek to divest city pension funds from fossil-fuel companies within five years.

Judge Keenan didn't say when he would rule on the matter.

Write to Gerald Porter Jr. at gerald.porter@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BP 0.00% 548.6 Delayed Quote.4.96%
CONOCOPHILLIPS 0.52% 69.77 Delayed Quote.27.11%
EXXON MOBIL CORPORATION 0.33% 78.26 Delayed Quote.-6.43%
ROYAL DUTCH SHELL -0.25% 27.58 Delayed Quote.-0.74%
WTI 0.31% 65.56 Delayed Quote.7.94%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CONOCOPHILLIPS
08/16CONOCOPHILLIPS : to make US staff cuts next month
AQ
08/16TODAY'S RESEARCH REPORTS ON TRENDING : ConocoPhillips and Transocean
AC
08/15CONOCOPHILLIPS : Oil firms use secretive court hearing in bid to stop Vietnam ta..
AQ
08/14Woodside Petroleum 1st Half Profit Rises, Browse Deal in Sight
DJ
08/08CONOCOPHILLIPS : ' Willow prospect advances with review effort by federal govern..
AQ
08/08CONOCOPHILLIPS : Massive Oil Project Proposed in Fragile Arctic Reserve
AQ
08/08CONOCOPHILLIPS : Announces Agreement to Sell Barnett Assets
AQ
08/08CONOCOPHILLIPS : Scoping starts for ConocoPhillips' Willow development
AQ
08/07TIPCO ASPHALT PUBLIC : Venezuela dodges oil asset seizures with export transfers..
RE
08/06CONOCOPHILLIPS : Sells Barnett Assets to Lime Rock Resources
AQ
More news
News from SeekingAlpha
08/15Crude oil prices slammed by surprise U.S. inventories build 
08/15Crude oil prices slammed by surprise U.S. inventories build 
08/13Exxon Mobil, The SEC, And "Climate Accounting" 
08/09ConocoPhillips Is Positioned To Outperform 
08/06Tracking Tweedy Browne Portfolio - Q2 2018 Update 
Financials ($)
Sales 2018 37 929 M
EBIT 2018 9 146 M
Net income 2018 5 131 M
Debt 2018 10 463 M
Yield 2018 1,64%
P/E ratio 2018 15,69
P/E ratio 2019 13,68
EV / Sales 2018 2,35x
EV / Sales 2019 2,25x
Capitalization 78 813 M
Chart CONOCOPHILLIPS
Duration : Period :
ConocoPhillips Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CONOCOPHILLIPS
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 80,6 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Donald Evert Wallette CFO, Executive VP-Finance & Commercial
Matthew J. Fox EVP-Strategy, Exploration & Technology
Richard Lee Armitage Independent Director
Harald Johan Norvik Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CONOCOPHILLIPS27.11%83 845
EOG RESOURCES6.36%71 282
CNOOC LTD6.77%69 620
OCCIDENTAL PETROLEUM CORPORATION6.64%61 001
CANADIAN NATURAL RESOURCES LIMITED-1.47%42 746
ANADARKO PETROLEUM15.68%34 299