GHG Emissions - January 27, 2022
Marathon Oil Sets 2030 Goals
Marathon Oil Corporation has set a series of new environmental objectives to complement its existing 2025 GHG intensity goal. The announcement is part of an update regarding the company’s overall ESG performance,
The oil and gas company set the following goals::
- GHG intensity reduction of 40% by 2022, 50% by 2025 and 70% by 2030
- Methane intensity reduction of 60% by 2025 and 80% by 2030
- Annual gas capture of 99% by 2022 and 2030 commitment to World Bank Zero Routine Flaring initiative
"The ongoing pursuit of environmental, social, and governance excellence is foundational to our framework for success," said Chairman, President, and CEO Lee Tillman in a statement. " To underscore our commitment to meeting the world's energy needs with leading environmental performance, we are announcing a comprehensive set of new quantitative objectives intended to drive further improvement to our GHG intensity, methane intensity, and natural gas capture."
In 2021, Marathon Oil realized progress against its core environmental objectives, achieving its GHG intensity reduction target of at least 30%. The company’s total 2021 Scope 1 and 2 absolute emissions are expected to be more than 40% lower than absolute 2019 emissions.
The company's annual GHG intensity performance remains a component of its executive compensation scorecard. Marathon Oil also improved its total company gas capture to 98.8% in 2021, an improvement from 97% in 2020. During the third and fourth quarters of 2021, Marathon Oil achieved a total Company gas capture of approximately 99%.