Greenhouse gas (GHG) emissions are one of the major causes of rising global warming and the oil & gas industry accounts directly & indirectly for one-third of the global emissions. CO2, methane, and NOx gases make up a large portion of greenhouse gases emitted by burning oil, fossil fuels, and other sources. As corporate GHG emissions have increased, it has become increasingly important for key contributing industries to track greenhouse gas emissions throughout their operations.
Occidental Petroleum Corp (Oxy) is an oil and gas exploration and production company. Total GHG emissions reported by the oil & gas company were 313.6 million tonnes CO2 equivalents (MtCO2eq) in 2020, which increased by 14% annual basis. The oil and gas company aims to achieve net-zero greenhouse gas emissions in alignment with the Paris Agreement’s 1.5-degree Celsius target.
Scope 1,2, and 3 emissions are the three categories of GHG emissions. Direct GHG emissions from sources owned or controlled by the corporation are referred to as Scope 1 emissions. Scope 2 (Indirect GHG emissions) accounts for GHG emissions from the purchased or acquired electricity, steam, heat, and cooling by the company. Scope 3 refers to the company's other indirect emissions, which arise from sources that the company does not own or control.
Scope 3 emissions form the major portion of Oxy’s total GHG emissions, accounting for around 287 MtCO2eq (91.4%) of total GHG emissions in 2020. The company’s Scope 1 emissions have increased by around 9% to 21.8 MtCO2eq and Scope 2 emissions have decreased by around 15% to 5.1 MtCO2eq in 2020.
Oxy reduced overall flaring by 30% in 2020 compared to 2019 in alignment with its target to achieve World Bank’s "Zero Routine Flaring by 2030". Flaring is one of the significant contributors to GHG emissions into the atmosphere. Oxy is working on new energy developments such as solar and wind to reduce carbon emissions.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer