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Marathon (MPC) Sets Target to Cut Scope 3 Emissions by 2030
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Headquartered in Findlay, OH, Marathon Petroleum Corporation (MPC - Free Report) announced its objectives to bring down absolute Scope 3 – Category 11 greenhouse gas (GHG) emissions by 15% by 2030 from its 2019 levels. However, the path to achieving this target was not established by the company.
Scope 3 emissions refer to emissions that are a consequence of the activities of an energy company but occur from sources not owned or controlled by that entity and are a barrier for a quick shift to a lower-carbon energy economy. However, Scope 1 and 2 emissions can be taken care of by buying the lower-carbon intensity feedstock and rigorous safety measures.
Marathon stated that its latest Scope 3 target augments its GHG disclosures, which comprise Scope 1 and 2 GHG emissions intensity targets, the methane emissions intensity target, the Scope 3 disclosure and third-party verifications, all of whose reporting is aligned with the Task Force on Climate-related Financial Disclosures. Scope 1 covers carbon emissions directly generated from MPC’s operations, while indirect emissions caused by the electricity consumption to run its facilities constitute the Scope 2 category.
The company further declared that its pipeline unit, MPLX LP (MPLX - Free Report) set a new 2030 goal to lessen the methane emissions intensity from its natural gas gathering and processing operations by 75% from 2016 levels. This step expands the partnership’s prevailing 2025 target to bring down the methane emissions intensity by about 50% lower than the levels, which existed in 2016.
Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent and publicly traded entity. In October 2018, Marathon Oil completed the acquisition of its rival, Andeavor, in a $23.3-billion deal, thereby becoming the largest refining company by market capitalization nationwide. The deal also made the company the largest U.S. refiner and the fifth largest in the world by capacity.
MPLX is a diversified, large-cap master limited partnership that owns and operates the midstream energy infrastructure and logistics assets and provides fuel distribution services. MPLX's assets include a network of crude oil and refined product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks, loading racks and associated piping, and crude and light-product marine terminals.
The Zacks Consensus Estimate for Valero’s 2022 earnings is projected at $7.10 per share, up about 152.7% from the projected year-ago earnings of $2.81.
Valero beat the Zacks Consensus Estimate for earnings in the trailing four quarters, the average being around 75.7%. VLO has increased around 30% in a year.
Denbury has rallied 77.5% in a year. The Zacks Consensus Estimate for Denbury’s 2022 earnings has been revised upward three times over the past 60 days.
The Zacks Consensus Estimate for DEN’s 2022 earnings is projected at $6.47 per share, which suggests an increase of about 154.7% from the projected year-ago earnings of $2.54.
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Marathon (MPC) Sets Target to Cut Scope 3 Emissions by 2030
Headquartered in Findlay, OH, Marathon Petroleum Corporation (MPC - Free Report) announced its objectives to bring down absolute Scope 3 – Category 11 greenhouse gas (GHG) emissions by 15% by 2030 from its 2019 levels. However, the path to achieving this target was not established by the company.
Scope 3 emissions refer to emissions that are a consequence of the activities of an energy company but occur from sources not owned or controlled by that entity and are a barrier for a quick shift to a lower-carbon energy economy. However, Scope 1 and 2 emissions can be taken care of by buying the lower-carbon intensity feedstock and rigorous safety measures.
Marathon stated that its latest Scope 3 target augments its GHG disclosures, which comprise Scope 1 and 2 GHG emissions intensity targets, the methane emissions intensity target, the Scope 3 disclosure and third-party verifications, all of whose reporting is aligned with the Task Force on Climate-related Financial Disclosures. Scope 1 covers carbon emissions directly generated from MPC’s operations, while indirect emissions caused by the electricity consumption to run its facilities constitute the Scope 2 category.
The company further declared that its pipeline unit, MPLX LP (MPLX - Free Report) set a new 2030 goal to lessen the methane emissions intensity from its natural gas gathering and processing operations by 75% from 2016 levels. This step expands the partnership’s prevailing 2025 target to bring down the methane emissions intensity by about 50% lower than the levels, which existed in 2016.
Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent and publicly traded entity. In October 2018, Marathon Oil completed the acquisition of its rival, Andeavor, in a $23.3-billion deal, thereby becoming the largest refining company by market capitalization nationwide. The deal also made the company the largest U.S. refiner and the fifth largest in the world by capacity.
MPLX is a diversified, large-cap master limited partnership that owns and operates the midstream energy infrastructure and logistics assets and provides fuel distribution services. MPLX's assets include a network of crude oil and refined product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks, loading racks and associated piping, and crude and light-product marine terminals.
Marathon currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy sector might want to look at the following similar-ranked stocks: Valero Energy (VLO - Free Report) and Denbury . You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Valero’s 2022 earnings is projected at $7.10 per share, up about 152.7% from the projected year-ago earnings of $2.81.
Valero beat the Zacks Consensus Estimate for earnings in the trailing four quarters, the average being around 75.7%. VLO has increased around 30% in a year.
Denbury has rallied 77.5% in a year. The Zacks Consensus Estimate for Denbury’s 2022 earnings has been revised upward three times over the past 60 days.
The Zacks Consensus Estimate for DEN’s 2022 earnings is projected at $6.47 per share, which suggests an increase of about 154.7% from the projected year-ago earnings of $2.54.