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BlackRock Tells Texas It Supports Investments in Oil and Gas

  • Firm says in letter that it doesn’t boycott energy companies
  • It oversees about $310 billion of investments in energy firms
Pumpjacks extract oil near Monahans, Texas.
Pumpjacks extract oil near Monahans, Texas.Photographer: Matthew Busch/Bloomberg
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BlackRock Inc. told Texas it’s committed to helping clients invest in the energy industry, rebutting suggestions by state officials that the firm boycotts fossil-fuel companies through its advocacy for sustainable investing.

The world’s largest asset manager oversees about $310 billion of investments in energy firms worldwide, including more than $115 billion in Texas companies, BlackRock said in a letter to state Comptroller Glenn Hegar.