Greenhouse gas (GHG) emissions are one of the primary causes of rising global warming, and the oil and gas industry accounts for one-third of global emissions, both directly and indirectly. A substantial amount of greenhouse gases emitted by burning oil, fossil fuels, and other sources include CO2, methane, and NOx. As corporate GHG emissions have increased, it has become increasingly important for key contributing industries to track greenhouse gas emissions throughout their operations.
Phillips 66 is an integrated energy company. It gathers, processes, transports, stores, and markets natural gas and petroleum products such as gasoline, diesel, aviation fuel, and lubricants. Total GHG emissions reported by the oil & gas company were around 378 million tonnes CO2 equivalents (MtCO2eq) in 2020, which was reduced by 15.8% from 2019. The oil and gas company focuses on operational excellence with aim of achieving net zero by 2050 in alignment with the Paris Agreement.
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. GHG emissions from the company's purchased or acquired energy, steam, heat, and cooling are included in Scope 2 (Indirect GHG emissions). 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 Phillips 66’s total GHG emissions, accounting for around 345 MtCO2eq (91.2%) of total GHG emissions in 2020. The company’s Scope 1 emissions have reduced by around 15% to 28 MtCO2eq and Scope 2 emissions have decreased by around 19.3% to 5 MtCO2eq in 2020.
Phillips 66 invested more than $5 billion in environmental protection initiatives and sustainable developments between 2016 and 2020. In 2020, the oil company invested more than $900 million in programs related to refining reliability, safety, and environmental projects. The company has made significant investments to reduce air emissions and has reduced air pollutants, including volatile organic compounds (VOCs), by 34.5% since 2012 from its refining business unit.
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