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Marathon Petroleum Eyes 15% Reduction in Consumer-Related Emissions
Gerson Freitas Jr.,/Bloomberg News
NEW YORK
EnergiesNet.com 02 15 2022
Marathon Petroleum Corp. aims to reduce emissions from the burning of the fossil fuels it produces by 15% from 2019 levels through the end of the decade, the company said in a statement.
The largest U.S. crude-oil refiner said the new target for so-called Scope 3 emissions — those related to the use of products by consumers — improves the company’s greenhouse-gas disclosures. The fuelmaker didn’t elaborate on how it plans to achieve the goal.
U.S. refiners including Marathon have moved into renewable fuels as a way to reduce their carbon footprint, while falling short of commitments to zero out their emissions of global-warming gases. Much like Marathon, Phillips 66 has vowed to slash the carbon-intensity of its products by 15% through 2030. Valero Energy Corp., which has pledged to fully offset emissions from its operations and energy-use by 2035, hasn’t disclosed a Scope 3 goal.
Marathon’s Bloomberg ESG scores, which are based on a scale of 0 to 10, show that the company has an environmental score of 3.96 and is ahead of 75% of its peers. It has a social score of 3.09, ahead of 64% of its peers, and a provisional governance score of 6.24.
The Findlay, Ohio-based company said MPLX LP, its pipeline unit, has also established a new 2030 target to cut methane emissions intensity from its natural gas gathering and processing operations by 75% from 2016 levels. The move expands an existing goal to slash methane emissions by 50% by 2025.
Read: U.S. Fuelmakers Rise Lean and Lucrative From Pandemic Ashes
Marathon shares are up almost 23% this year.
bloomberg.com 02 14 2022
