Phillips 66 (PSX) Announces Ambitious Plan of Reducing GHG
Phillips 66 PSX announced that it has set an ambitious goal of reducing greenhouse gas emissions (GHG).
From its operations, the diversified energy manufacturing and logistics company has set a target of lowering Scope 1 and Scope 2 emissions intensity by 30% by 2030. Over the same time frame, from its energy products, the company has set a goal of lowering Scope 3 emissions intensity by 15%. The comparison is with the 2019-level.
The company has set a high priority on combating climate change and has been supporting the Paris Agreement. While addressing the mounting need for affordable energy, which will aid economic growth, Phillips 66 is also aligning its goal with developing climate change solutions.
Phillips 66 has an in-house research and development group to support the energy transition, which very few companies have in the downstream space. With a motive to develop and commercialize low-carbon technologies, the company’s Energy Research & Innovation group has been working actively.
Phillips 66 Price
Two leading companies in the energy space that aggressively address climate change concerns are Exxon Mobil Corporation XOM and ConocoPhillips COP. Intending to drive emissions down, ExxonMobil has set its 2025 plan of reducing greenhouse gas intensity from its upstream operations by 15% to 20%. ConocoPhillips will also lead energy transitions by improving Scope 1 and 2 GHG emissions intensity reduction targets. The company has set a target for 2030 intensity reduction of 40-50%, thereby marking an improvement from the prior target of 35-45%.
Headquartered in Houston, Phillips 66 currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the energy space is Whiting Petroleum Corporation WLL. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
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