Marathon Oil Commits to GHG Emission Intensity Reduction
Marathon Oil Corporation has announced an update regarding its environmental, social, and governance (ESG) performance, including significant changes to its executive compensation framework as well as new quantitative greenhouse gas (GHG) emissions reduction initiatives.
Highlights:
- Expect 2020 GHG emissions intensity reduction of approximately 20%2 vs. 2019; improved total Company gas capture to 98.5% for fourth quarter 2020
- Announcement of quantitative GHG reduction initiatives
- Added 2021 GHG emissions intensity target to STI scorecard, representing approximate 30% reduction to GHG emissions intensity vs. 2019
- Announced medium-term goal to reduce GHG emissions intensity by at least 50% by 2025 vs. 2019
Last year and beyond
During 2020, the Company made significant progress in improving its environmental performance, achieving an estimated 20% reduction to its GHG emissions intensity relative to 2019 and improving total Company gas capture to approximately 98.5% for fourth quarter 2020.
For 2021, the Company has established a quantitative GHG intensity target, representing a reduction of more than 30% relative to 2019, which has been added to the Company’s executive compensation STI scorecard. Further, Marathon Oil has disclosed a new medium-term goal highlighting the Company’s commitment to significant ongoing improvement to its environmental performance. By 2025, the Company’s goal is to reduce its GHG intensity by more than 50% relative to 2019. The Company has already identified concrete steps to assist in achieving this improvement, including but not limited to continued replacement of pneumatic controllers with lower emitting technology, connecting additional sites to utility power, and investing in soil carbon sequestration to offset emissions.
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