Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea
Reuters
Published Nov 29, 2022 09:27PM ET
Updated Nov 30, 2022 11:36AM ET
(Reuters) - U.S. shale producer Coterra Energy (NYSE:CTRA) pleaded no contest for contaminating well water in Dimock, Pennsylvania, and will pay $16.29 million to construct a new means of water supply to its residents, the state attorney general said on Tuesday.
The Houston-based company, formerly known as Cabot (NYSE:CBT) Oil and Gas, will also make 75 years of water bills payments for the impacted residents, who were exposed to drinking water polluted with metals and high levels of methane.
"Under this historic settlement, Coterra will now pay to build a new public water line that will provide clean, reliable drinking water for generations to come," said Attorney General Josh Shapiro.
Coterra took full responsibility for the environmental crimes committed, Shapiro said, adding that the agreement brought justice to the residents of Dimock, "who for years had been ignored."
The attorney general charged Coterra in 2020 after a grand jury investigation showed that drilling unconventional gas wells by the company had been responsible for methane pollution in the local water supply.
Dimock was at the heart of the Marcellus Shale gas fracking boom that began in 2007. Residents complained that Cabot's drilling caused methane gas to seep into their wells, to the extent that the contaminated water even caught fire.
Coterra did not immediately respond to a request for comment.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.