Conoco Deal Triggers Divestment Alert From Pension Investors

The Houston-based oil company obtained full control of the Surmont field in Alberta, Canada, this year, paid for with funds from three US dollar bond sales worth $2.7 billion.

KLP has “a clear position against investments in oil sands,” which its fund managers “enforce” when revenue exceeds the 5% figure, Arild Skedsmo, a senior analyst for responsible investments at KLP, told Bloomberg. If Conoco “crosses the threshold, they will be excluded from our portfolio,” he said. And in light of the latest developments, “this is a company that we will follow closely.”

The irony is that some of those same ESG investors helped finance Conoco’s Surmont acquisition, the AFII said. They include BlackRock Inc., which is among providers of ESG-labeled exchange-traded funds that apply the 5% oil-sands exclusion threshold in accordance with MSCI Inc. methodology.

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