Three leading U.S. oil and natural gas producing companies,
Pioneer Natural Resources Company (NYSE: PXD), Devon Energy Corp.
(NYSE: DVN) and ConocoPhillips (NYSE: COP), jointly announced today
that they have joined the Oil and Gas Methane Partnership (OGMP)
2.0 Initiative. The initiative’s mission is to improve the
industry’s transparency in methane emissions reporting and
encourage progress in reducing those emissions. The companies’
membership in OGMP 2.0 demonstrates their commitments to reducing
methane emissions and meeting U.S. and global energy demand with
reliable and responsibly sourced production.
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OGMP 2.0 has emerged as a global gold standard for methane
emissions measurement and reporting. The initiative’s reporting
framework will provide stakeholders with the assurance that this
important greenhouse gas is being managed responsibly. In turn,
participating companies will be provided with the means to credibly
demonstrate that they are contributing to climate mitigation and
delivering against their methane improvement objectives and
targets. Joining the partnership also represents a commitment on
the part of member companies to encourage improved methane
reduction performance in reporting and methane emission reduction
through transparency, flexibility and best practice sharing.
“Reducing greenhouse gas emissions, including methane, is an
important priority for ConocoPhillips, and we are pleased to join
industry members and stakeholders to advance this important area of
emissions management,” said Ryan Lance, ConocoPhillips Chairman and
Chief Executive Officer. “We believe that applying the rigorous
OGMP 2.0 reporting standard across our global assets will be a
vital step on our path to net-zero operational emissions by
mid-century.”
"Deployment of advanced methane detection technology and
enhanced transparency are key components to Devon's broader
emission reduction strategy, including our aim to achieve net zero
GHG emissions for Scopes 1 and 2 by 2050," said Rick Muncrief,
President and CEO, Devon Energy. "We believe that collaboration and
collective efforts are needed to advance meaningful change at a
fast pace, and are excited to be joining OGMP 2.0 with our industry
peers that share Devon's intention of delivering energy to the
world while reducing our impact on the environment."
“Given that we operate in one of the largest oil producing
basins in the world, enabling the reduction of methane emissions by
utilizing accurate and transparent reporting is imperative for
Pioneer as well as other large producers in the Permian Basin,”
said Scott Sheffield, CEO of Pioneer Natural Resources Company. “We
are excited to join OGMP 2.0 and collaborate with the United
Nations Environment Programme, along with industry members and
other stakeholders, on this important initiative to reduce methane
emissions.”
“With Pioneer, Devon and ConocoPhillips joining OGMP 2.0, we
have significantly increased the participation of U.S.-based
companies,” said Giulia Ferrini, OGMP 2.0 Manager at UNEP. “We hope
their membership encourages others to join this global effort aimed
at improving methane emissions measurement and transparency,
thereby supporting the goals of the Paris Agreement and the Global
Methane Pledge.”
"We’re glad to see these companies take a leadership role in
advancing methane measurement and disclosure,” said Andrew Logan,
Senior Director of oil and gas at Ceres. “Oil and gas companies
must be accountable for their methane emissions, which not only
carry an outsized and avoidable climate impact, but also represent
needlessly lost product, an obvious concern for any prudent
shareholder. The Oil and Gas Methane Partnership 2.0 is a strong
framework to advance both detection and accurate reporting, and it
is important that we see other oil and gas companies follow
ConocoPhillips, Devon, and Pioneer and join."
“All eyes today are on the oil and gas industry. Stakeholders
are demanding real, robust emissions data that they can trust,”
said Mark Brownstein Senior Vice President for Energy at the
non-profit Environmental Defense Fund. “Cutting methane emissions
is the simplest, fastest way to help meet our energy and climate
goals, even as the world moves forward on long term
decarbonization. Solutions exist for companies to cut emissions
quickly and cost-effectively. OGMP provides a comprehensive and
transparent framework to see and compare their results.”
The OGMP 2.0 Initiative is a voluntary, public-private
partnership between the United Nations Environment Programme, the
European Commission, the Environmental Defense Fund and over 80 oil
and gas companies aimed at minimizing methane emissions from global
oil and gas operations. Its work has helped to raise awareness of
methane emissions and contributed to the growing priority of
mitigation activities.
--- # # # ---
About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 13
countries, $93 billion of total assets and approximately 9,400
employees at March 31, 2022. Production averaged 1,747 MBOED for
the three months ended March 31, 2022, and proved reserves were 6.1
BBOE as of Dec. 31, 2021. For more information, go to
www.conocophillips.com.
About Devon Energy
Devon Energy is a leading oil and gas producer in the U.S. with
a premier multi-basin portfolio headlined by a world-class acreage
position in the Delaware Basin. Devon’s disciplined cash-return
business model is designed to achieve strong returns, generate free
cash flow, and return capital to shareholders, while focusing on
safe and sustainable operations. For more information, visit
www.devonenergy.com.
About Pioneer Natural
Resources
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
in the United States. For more information, visit Pioneer’s website
at www.pxd.com.
About OGMP 2.0
The Oil & Gas Methane Partnership 2.0 (OGMP 2.0) is a
multi-stakeholder initiative launched by UNEP and the Climate and
Clean Air Coalition. The OGMP 2.0 is the only comprehensive,
measurement-based reporting framework for the oil and gas industry
that improves the accuracy and transparency of methane emissions
reporting in the oil and gas sector. Already 80 companies with
assets on five continents representing over 30% of the world’s oil
and gas production, as well as over 20% of global natural gas
transmission and distribution pipelines, over 10% of global storage
capacity and nearly 15% of global LNG terminals have joined the
partnership. For more, visit www.ogmpartnership.com.
CAUTIONARY STATEMENT FOR THE PURPOSES
OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This release contains forward-looking statements as defined
under the federal securities laws. Forward-looking statements
relate to future events and anticipated results of operations,
business strategies, and other aspects of our operations or
operating results. Words and phrases such as "anticipate,"
"estimate," "believe," “budget,” "continue," "could," "intend,"
"may," "plan," "potential," "predict," “seek,” "should," "will,"
“would,” "expect," "objective," "projection," "forecast," "goal,"
"guidance," "outlook," "effort," "target" and other similar words
can be used to identify forward-looking statements. However, the
absence of these words does not mean that the statements are not
forward-looking. Where, in any forward-looking statement, there is
an expression of an expectation or belief as to future results,
such expectation or belief is expressed in good faith and believed
to be reasonable at the time such forward-looking statement is
made. However, these statements are not guarantees of future
performance and involve certain risks, uncertainties and other
factors beyond our control. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from what is presented include the
impact of public health crises, including pandemics (such as
COVID-19) and epidemics and any related company or government
policies or actions; global and regional changes in the demand,
supply, prices, differentials or other market conditions affecting
oil and gas, including changes resulting from any ongoing military
conflict, including the conflict between Russia and Ukraine and the
global response to it, or from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by OPEC and other producing countries
and the resulting company or third-party actions in response to
such changes; changes in commodity prices; changes in expected
levels of oil and gas reserves or production; potential failures or
delays in achieving expected reserve or production levels from
existing or future oil and gas developments, including due to
operating hazards, drilling risks, or unsuccessful exploratory
activities; unexpected cost increases, inflationary pressures, or
technical difficulties in constructing, maintaining, or modifying
facilities; legislative and regulatory initiatives addressing
global climate change or other environmental concerns; investment
in and development of competing or alternative energy sources;
disruptions or interruptions impacting the transportation for oil
and gas production; international monetary conditions and exchange
rate fluctuations; changes in international trade relationships,
including the imposition of trade restrictions or tariffs on
certain materials or products (such as aluminum and steel),
including any sanctions imposed as a result of any ongoing military
conflict, including the conflict between Russia and Ukraine;
general domestic and international economic and political
conditions or developments; disruptions resulting from accidents,
extraordinary weather events, civil unrest, political events, war,
terrorism, cyber attacks or information technology failures,
constraints or disruptions and other economic, business,
competitive and/or regulatory factors affecting business generally
as set forth in our filings with the Securities and Exchange
Commission. Unless legally required, we expressly disclaim any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
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Media Contacts
ConocoPhillips Dennis Nuss 281-293-1149
dennis.nuss@conocophillips.com Devon Energy Lisa Adams
832-816-5086 lisa.adams@dvn.com Pioneer Natural Resources
Christina Voss 972-969-5706 christina.voss@pxd.com UNEP
Kamilia Lahrichi +33 7 52 62 30 46 kamilia.lahrichi@un.org
Ceres Mara Abbott 617-247-0700 ext. 250 mabbott@ceres.org
Environmental Defense Fund Jon Coifman 212-616-1325
jcoifman@edf.org
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