Marathon Petroleum eyes 15% reduction in consumer-related emissions

Marathon Petroleum headquarters Source: Marathon

Marathon Petroleum Corp. aims to reduce emissions from the burning of the fossil fuels it produces by 15 per cent from 2019 levels through the end of the decade.

The largest U.S. crude-oil refiner’s new target for so-called Scope 3 emissions – those related to the use of products by consumers – improves the company’s greenhouse-gas disclosures, it said in a statement Monday. The fuelmaker didn’t elaborate on how it plans to achieve the goal.

U.S. refiners including Marathon have moved into renewable fuels to reduce their carbon footprint, while falling short of committing to zero out their emissions of global-warming gases. Much like Marathon, Phillips 66 has vowed to slash the carbon-intensity of its products by 15 per cent through 2030. Valero Energy Corp., which has pledged to fully offset emissions from its operations and energy-use by 2035, hasn’t disclosed a Scope 3 goal.  

Marathon’s Bloomberg ESG scores, which are based on a scale of 0 to 10, show that the company has an environmental score of 3.96 and is ahead of 75 per cent of its peers. It has a social score of 3.09, ahead of 64 per cent of its peers, and a provisional governance score of 6.24.

The Findlay, Ohio-based company said MPLX LP, its pipeline unit, has also established a new 2030 target to cut methane emissions intensity from its natural gas gathering and processing operations by 75 per cent from 2016 levels. The move expands an existing goal to slash methane emissions by 50 per cent by 2025.

Marathon shares are up almost 23 per cent this year.

© 2022 Bloomberg L.P.

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