March 18, 2024

DENVER – Western Energy Alliance applauded member company Liberty Energy and co-plaintiff Nomad Proppant Services LLC for winning a preliminary injunction from the 5th U.S. Circuit Court of Appeals halting the Securities and Exchange Commission’s (SEC) climate change disclosure rule. The following statement is attributable to Alliance President Kathleen Sgamma:

“Chris Wright, CEO of Liberty Energy, has once again shown that he is a true leader in the oil and natural gas industry. While many companies lay low and even are co-opted to advance policies that aren’t in their interests, Chris was willing to immediately stand up and say this rule is wrong and was rewarded for his action. Liberty’s ‘Bettering Human Lives’ initiative shows how the company is among the most credible in arguing against the SEC’s overreaching rule.

“The SEC climate change disclosure rule goes beyond the authority granted by Congress, and the court’s quick action signals a dim fate for the expansive rule. It runs afoul of the major questions doctrine affirmed by the Supreme Court when preventing the Environmental Protection Agency (EPA) from closing power plants in the name of climate change. The commission seeks to reorient the entire financial system and drive climate change policy rather than promote fair financial returns for workers, retirees, and investors. Despite SEC’s stated intentions, the rule would flood investors with inconsistent, confusing information about ill-defined climate change risk and greenhouse gas data that conflicts with more technically sound inventories from EPA. Even with the withdrawal of Scope 3 emissions, the rule lacks statutory authority and elevates speculative climate change risk above material financial information of true value to investors.”

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