Climate and weather
115 of 521 companies dropped a paragraph in Risk Factors that uses one of these words:
climate change, greenhouse gas, carbon emissions, extreme weather, hurricane, wildfire.
The paragraph was in the earlier 10-K and nothing like it is in the latest.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Canned, Frozen & Preservd Fruit, Veg & Food Specialties | 1 | 1 |
| Electrical Industrial Apparatus | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Food and Kindred Products | 1 | 1 |
| Meat Packing Plants | 1 | 1 |
| Metal Mining | 1 | 1 |
| Misc Industrial & Commercial Machinery & Equipment | 1 | 1 |
| Miscellaneous Fabricated Metal Products | 1 | 1 |
| Natural Gas Transmisison & Distribution | 1 | 1 |
| Oil & Gas Field Machinery & Equipment | 1 | 1 |
| Oil Royalty Traders | 1 | 1 |
| Paper Mills | 1 | 1 |
| Retail-Drug Stores and Proprietary Stores | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Radio, Tv & Consumer Electronics Stores | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Telephone & Telegraph Apparatus | 1 | 1 |
| Computer Communications Equipment | 2 | 3 |
| Natural Gas Transmission | 2 | 3 |
| Plastic Materials, Synth Resins & Nonvulcan Elastomers | 2 | 3 |
| Crude Petroleum & Natural Gas | 4 | 7 |
| Electric & Other Services Combined | 6 | 12 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 2 | 4 |
| Accident & Health Insurance | 1 | 2 |
| Cigarettes | 1 | 2 |
| Converted Paper & Paperboard Prods (No Contaners/Boxes) | 1 | 2 |
| Cutlery, Handtools & General Hardware | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Instruments For Meas & Testing of Electricity & Elec Signals | 1 | 2 |
| Mining & Quarrying of Nonmetallic Minerals (No Fuels) | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Pumps & Pumping Equipment | 1 | 2 |
| Radio & Tv Broadcasting & Communications Equipment | 1 | 2 |
| Refuse Systems | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-General Medical & Surgical Hospitals, NEC | 1 | 2 |
| Ship & Boat Building & Repairing | 1 | 2 |
| Telephone Communications (No Radiotelephone) | 1 | 2 |
| National Commercial Banks | 5 | 11 |
| Hospital & Medical Service Plans | 2 | 5 |
| Investment Advice | 3 | 8 |
| Electric Services | 5 | 15 |
| Petroleum Refining | 2 | 6 |
| Air Transportation, Scheduled | 1 | 3 |
| Electronic Computers | 1 | 3 |
| Measuring & Controlling Devices, NEC | 1 | 3 |
| Railroads, Line-Haul Operating | 1 | 3 |
| Services-Consumer Credit Reporting, Collection Agencies | 1 | 3 |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 1 | 3 |
| Water Transportation | 1 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 1 | 3 |
| Finance Services | 9 | 28 |
| Real Estate Investment Trusts | 8 | 27 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Retail-Eating Places | 1 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 1 | 4 |
| Semiconductors & Related Devices | 3 | 15 |
| Surgical & Medical Instruments & Apparatus | 2 | 10 |
| Beverages | 1 | 5 |
| Biological Products, (No Diagnostic Substances) | 1 | 5 |
| Retail-Variety Stores | 1 | 5 |
| Services-Business Services, NEC | 3 | 16 |
| Fire, Marine & Casualty Insurance | 2 | 12 |
| Insurance Agents, Brokers & Service | 1 | 6 |
| State Commercial Banks | 1 | 6 |
| Security Brokers, Dealers & Flotation Companies | 1 | 7 |
| Pharmaceutical Preparations | 1 | 11 |
| Services-Prepackaged Software | 1 | 19 |
273 paragraphs · Natural Gas Transmisison & Distribution show all sectors
In addition, increasing attention to climate change has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation, which could increase our costs or otherwise affect adversely our business. For example, the SEC finalized new climate change disclosure requirements in March 2024 but stayed the rules in April 2024 pending judicial review of several lawsuits filed by states, industry and environmental groups challenging the rule. It is unclear when the rules will become effective, if at all. If these or any other climate disclosure requirements become effective, we may face increased costs associated with complying with such new climate disclosure rules.
Read in the 10-K filed Feb 25, 2025 ↗
Certain investors are increasingly focused on ESG issues, including climate change. Further, organizations that provide information to investors on corporate governance and related matters have also increased their focus on ESG issues and have developed ratings processes for evaluating companies on various ESG initiatives. Unfavorable ESG ratings may lead to increased negative investor sentiment toward us or midstream companies in general. Due to climate change concerns, some investors may choose not to invest, or to reduce investment, in companies that explore for, produce, process, transport or sell products derived from hydrocarbons. If this negative investor sentiment increases, we may see reduced demand for our securities, which could impact our liquidity or the value of our securities. Additionally, certain large institutional lenders have announced their own policies to meet publicly announced climate commitments, which often involve commitments to shift lending activities in the energy sector to meet GHG emissions goals. As a result, certain institutional lenders may impose additional requirements on us, or decide not to lend to us, based on ESG concerns, which could adversely affect our access to capital on reasonable terms or at all and, as a result, our financial condition. To the extent financial markets view climate change and emissions of GHGs as a financial risk, this could also negatively affect our ability to access capital or cause us to receive less favorable terms and conditions in future financings.
Read in the 10-K filed Feb 25, 2025 ↗