Ten years ago, oil companies accounted for 15 percent of the S&P 500 index, today, they make up just 5 percent.
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Norway fund's cold feet deals blow to oilThe decision of the world's largest sovereign wealth fund to reduce holdings in oil stocks wasn't as far-reaching as the industry feared, but dealt a symbolic blow to fossil fuels that will reverberate for energy companies and their investors. While the divestment by Norway's $1 trillion fund doesn't include Big Oil, instead rooting out $7.5 billion of companies that focus purely on exploration and extraction, the impact of the announcement rippled through the sector. In oil and gas, Shell and BP have made pledges around transparency and climate after facing the wrath of shareholders.The list of companies to be excluded from the Norwegian fund includes Anadarko Petroleum Corp., Cnooc Ltd. and Tullow Oil Plc. While Shell, BP and other oil majors were spared in Norway's decision Friday, they may yet be earmarked for divestment in the future.
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