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.
ConocoPhillips is an independent upstream oil and gas company. The company explores, produces, transport, and markets crude oil, bitumen, natural gas, and liquefied natural gas (LNG) across the world. Total GHG emissions reported by the oil & gas company were 16.2 million tonnes CO2 equivalents (MtCO2eq) in 2020, which decreased by 21% YoY. The oil and gas company aims to achieve net-zero greenhouse gas emissions from its operational activities by 2050.
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 1 emissions form the major portion of ConocoPhillips’ total GHG emissions, accounting for around 96% of total GHG emissions in 2020. The company’s Scope 2 emissions were reduced by around 30% to 0.7 MtCO2eq during the same year. The oil and gas company has not disclosed Scope 3 emissions.
ConocoPhillips has invested more than $380 million in research and development, equipment, products, and services to reduce GHG emissions during 2018-2020. The company has reduced emissions by electrifying plant and pad equipment in Alaska.
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