BlackRock, JPMorgan, others tell Texas they don't boycott energy companies
Author: Ross Kerber
BlackRock Inc (BLK. N) JPMorgan Chase & Co (JPM.N) and other top financial firms have told a Texas official they are not boycotting energy companies, responding to a request for information that could determine if they are able to continue to manage state funds. The money managers are under pressure from a new Texas law that prohibits state agencies that invest funds from investing in financial firms found to boycott fossil fuel energy companies. BlackRock had previously lobbied Texas officials, saying it suppod the oil and gas industries, but had not cited its fiduciary duty. BlackRock estimated it runs $24 billion for Texas public pension plans, and cited $8.3 billion worth of backing for Texas projects like a natural gas utility and a carbon capture pipeline system.