Disclosing the Facts 2015 is the fourth in a series of investor reports intended to promote improved operating practices among oil and gas companies engaged in horizontal drilling and hydraulic fracturing. Hydraulic fracturing operations often use toxic chemicals and high volumes of water, release significant levels of greenhouse gases and other pollutants, and have the potential to adversely impact local communities when not properly managed. These issues translate into financial risks to companies and shareholders in the form of fines, regulations, or threats to companies’ social license to operate.