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Exxon Mobil (NYSE: XOM) said it has abandoned the practice of flaring gas from the Permian Basin and will push for the same, Reuters reported on Tuesday.
The company Embracing tougher methane regulations “runs the game,” Exxon’s (XOM) senior environmental scientist Matt Kolesar said, according to the report. “We want strong laws so it doesn’t matter who owns the property” or where they operate around the world.
Targeting methane “is the most cost-effective way” to mitigate climate change, Kolesar said.
Exxon (XOM) is starting with 700 sites in the Permian Basin on the way to the end of the global trend by 2030; it reached a risk of 0.4% by the end of 2022 in the Permian, down but behind some of the competing producers who face strict local regulations.
Exxon Mobil (XOM), whose shares trade less than a dollar from their peak, is a “bull trap ahead of Q4 earnings,” The Asian Investor writes in a recently published analysis on Seeking Alpha.
