Company intends to reduce manufacturing-related
emissions intensity by 30% and products-related emissions intensity
by 15% by 2030
Phillips 66 (NYSE: PSX) announced today that it intends to
reduce greenhouse gas emissions intensity from its operations and
energy products by 2030, setting impactful, attainable and
measurable targets for the company. The company plans to reduce
Scope 1 and Scope 2 emissions intensity from operations by 30% and
Scope 3 emissions intensity of its energy products by 15%, below
2019 levels.
“We believe our targets will drive innovation and create
shareholder value,” said Phillips 66 Chairman and CEO Greg Garland.
“We support the ambitions of the Paris Agreement, and Phillips 66
will do its part by improving energy efficiency and developing
lower-carbon technologies.”
Phillips 66 previously disclosed changes to its annual bonus
program that are intended to reinforce its priorities around
greenhouse gas emissions reductions and lower-carbon efforts.
In a presentation posted on Phillips66.com, the company outlines
how it plans to achieve its emissions reduction goals while
maintaining its focus on returns. Phillips 66 will continue to
invest in improving the energy efficiency of its assets, six of
which have already earned ENERGY STAR certifications since 2012
from the Environmental Protection Agency. Additionally, the company
plans to increase the production of renewable fuels, advance the
electric vehicle battery supply chain, implement carbon capture
technologies at select facilities, and participate in
commercial-scale lower-carbon hydrogen production. The company’s
investments to meet these goals will be consistent with its
disciplined approach to capital allocation.
“The challenges the energy industry and society are facing are
great, but Phillips 66 is a company of problem-solvers,” Garland
said. “We are committed to being part of the solution and helping
the world address climate change.”
The targets set by Phillips 66 build on the company’s
lower-carbon strategy and leverage its Emerging Energy group. The
company has made meaningful progress toward developing a
lower-carbon business platform, which includes expanding access to
renewable feedstocks, producing renewable fuels, advancing
sustainable aviation fuel and participating in the U.S. supply
chain for lithium-ion batteries.
Phillips 66 is also one of the few downstream energy companies
with an in-house research and development organization. The Energy
Research & Innovation group works on developing and
commercializing lower-carbon technologies to support the energy
transition, including sodium-ion batteries. The company has active
U.S. patents in a number of areas, including biofuels, carbon
capture and sequestration, fuel cells and low-carbon hydrogen.
Scope 1 emissions are direct emissions from Phillips 66’s
operations — refineries, compressors and other equipment, for
example. Scope 2 are indirect emissions resulting from the
generation of electricity and steam that the company purchases to
support its business activities. Scope 3 emissions are indirect
emissions related to consumer use of products the company
makes.
Go to the Sustainability section of the Phillips 66 website for
a video message from Greg Garland, a presentation with more details
on the emissions reduction targets, and the company’s
Sustainability & ESG Overview.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Phillips 66 Partners, the company’s master limited partnership, is
integral to the portfolio. Headquartered in Houston, the company
has 14,000 employees committed to safety and operating excellence.
Phillips 66 had $57 billion of assets as of June 30, 2021. For more
information, visit www.phillips66.com or follow us on Twitter
@Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Words and phrases such as “is anticipated,” “is
estimated,” “is expected,” “is planned,” “is scheduled,” “is
targeted,” “believes,” “continues,” “intends,” “will,” “would,”
“objectives,” “goals,” “projects,” “efforts,” “strategies” and
similar expressions are used to identify such forward-looking
statements. However, the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements
included in this news release are based on management’s
expectations, estimates and projections as of the date they are
made. These statements are not guarantees of future performance and
you should not unduly rely on them as they involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecast in such forward-looking statements.
Factors that could cause actual results or events to differ
materially from those described in the forward-looking statements
include: the continuing effects of the COVID-19 pandemic and its
negative impact on commercial activity and demand for refined
petroleum products; the inability to timely obtain or maintain
permits necessary for capital projects; changes to worldwide
government policies relating to renewable fuels or greenhouse gas
emissions that adversely affect programs like the renewable fuel
standards program, low carbon fuel standards and tax credits for
biofuels; the pace of technological advancements and industry
innovation, including those focused on reducing GHG emissions and
advancing other climate-related initiatives, and our ability to
take advantage of those innovations and developments; our ability
to identify and execute opportunities, and the economic viability
of those opportunities; the ability of our existing assets and
expertise to support the growth of, and transition to, various
renewable and alternative energy opportunities, including through
the positioning and optimization of our assets; our ability to
efficiently and economically reduce the carbon intensity of our
operations; the impacts of acquisitions or dispositions;
investments required as a result of environmental rules and
regulations; changes in tax, environmental and other laws and
regulations (including alternative energy mandates or carbon
taxes); consumer preferences or demand and other economic,
business, competitive and/or regulatory factors affecting Phillips
66’s businesses generally as set forth in our filings with the
Securities and Exchange Commission. Phillips 66 is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210930005966/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Shannon Holy (investors) 832-765-2297 shannon.m.holy@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
Phillips 66 (NYSE:PSX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Phillips 66 (NYSE:PSX)
Historical Stock Chart
From Oct 2023 to Oct 2024