Peabody reaches agreement on climate change disclosures

Mon Nov 9, 2015 10:24am EST
 
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Nov 9 (Reuters) - Coal miner Peabody Energy Corp said it reached an agreement with the New York Attorney General's office to amend its climate change disclosures, bringing to an end an eight-year investigation.

Peabody shares rose 5 percent to $15.27 in morning trading on Monday.

News of the agreement comes days after reports that Attorney General Eric Schneiderman was probing Exxon Mobil Corp over whether the oil firm had misled the public and shareholders about the perils of climate change.

Schneiderman subpoenaed Exxon on Nov. 4 evening, demanding extensive financial records, emails and other documents, a source familiar with the investigation told Reuters.

Peabody said on Monday that there was no other action associated with this settlement, no admission or denial of wrongdoing, and no financial penalty.

The company had denied it had the ability to project the impact of increased climate change regulation on its business even though it had internally made such projections, a statement from Schneiderman's office said.

Peabody will file revised disclosures with the Securities and Exchange Commission, the statement from Schneiderman said. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Sayantani Ghosh)