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New York’s Pension Fund Plans to Restrict Its Investments in Oil and Gas Companies

  • Fund to divest $238 million in shares, bonds from 21 drillers
  • Divestment comes as oil stocks lead gains in S&P 500
A Diamondback Energy oil rig in Midland, Texas.

A Diamondback Energy oil rig in Midland, Texas.

Photographer: Callaghan O'Hare/Bloomberg

New York’s $280 billion state pension fund will divest more than $238 million in shares and bonds of oil and gas companies including Pioneer Natural Resources Co., Hess Corp., and Diamondback Energy Inc. 

The move follows an internal review that determined the companies failed to demonstrate viable net-zero transition plans, according to a statement from the state comptroller. The New York State Common Retirement Fund has holdings in 42 oil and gas companies.