BlackRock Tells Texas It Supports Investments in Oil and Gas (2)

BlackRock Inc. told Texas it’s committed to helping clients invest in the energy industry, rebutting suggestions by state officials that the firm boycotts fossil-fuel companies through its advocacy for sustainable investing.

The world’s largest asset manager oversees about $310 billion of investments in energy firms worldwide, including more than $115 billion in Texas companies, BlackRock said in a letter to state Comptroller Glenn Hegar.

“We do not boycott energy companies,” BlackRock’s Dalia Blass, head of external affairs, and Chief Client Officer Mark McCombe wrote in the May 13 letter, obtained through a public-records request. “On behalf of our ...