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Commodities

Pioneer Natural sets targets to reduce greenhouse gas, methane emissions

(Reuters) - Pioneer Natural Resources Co set targets to reduce its GHG (greenhouse gas) and methane emissions on Wednesday, becoming the latest oil and gas company to set long-term climate goals.

Oil and gas producers, under pressure from investors who want to see the industry operate more cleanly, have announced new emissions targets this year even as they slash spending and production following a coronavirus-driven plunge in crude prices.

Pioneer Natural said it is aiming for a 25% reduction in GHG intensity and a 40% cut in methane intensity by 2030. That includes the assets of Parsley Energy Inc, which it acquired in October.

The company also set a goal to limit its flaring intensity to less than 1% of natural gas produced, with a plan to incorporate Parsley’s assets into this target by 2022.

It added that it would end routine flaring by 2030, with the aspiration to accomplish this by 2025.

Last month, Occidental Petroleum Corp had laid out a target to reduce greenhouse gas emissions at its operations to net zero by 2040.

Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel

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