ExxonMobil (NYSE: XOM) is successfully navigating a green energy world by adopting numerous green initiatives, such as its new natural gas certification program that encourages customers to measure their own emissions reduction towards its environmental goals.
Closing after hours at $54.09 per common share — more than $10 per share than at the beginning of the year — ExxonMobil (NYSE: XOM) is a traditional fossil fuel company with three of its 12 Board seats occupied by hedge fund Engine No. 1 environmentalists. The global Corporation is committed to producing more efficient fuels and developing new proprietary technologies to reduce greenhouse gases and carbon emissions. It seeks longer-lasting fuels and less intensive operations to be more environmentally conscious.
XOM is winning the day, thriving by adapting to the global demand for a reduction in emissions through solar and wind energy plus growth of EV vehicles from 3% of the domestic car sale population to almost 50% by mid-century.
ExxonMobil (NYSE: XOM) is able to soar in this environment by steadily adopting eco-correct programs that work. Take the natural gas certification program for an example of why its stock is doing so well. Its New Mexico basin facility in the Permian Basin is the company’s first for natural gas certification. Company customers will be able to start using the certified natural gas by the fourth quarter of 2021, ExxonMobil said.
In total, ExxonMobil has conducted more than 23,000 voluntary methane leak surveys across some 9,500 sites and eliminated high-bleed pneumatic devices across its U.S. facilities.
Here’s how it works: a third-party, non-profit validator — an MiQ — uses rigorous and independent criteria to measure natural gas production at Poker Lake, New Mexico. As assessment is conducted by the independent consultant of the grades of methane gas intensity, At the end of the day, the MiQ issues traceable certificates based on the grade the facility achieves. In short, all clients share improved conservation efforts.
Bart Cahir, senior vice president at ExxonMobil (NYSE: XOM), said, “As we impove our operations, certifying our natural gas will help our customers achieve their goals and support a lower-carbon future.”
As part of this program, the Company uses aerial LiDA™ imaging and SOOFIE methane detection technologies and next-generation applications, such as satellites and AI. ExxonMobil also now has ongoing initiatives to use smarter and faster ways to detect and mitigate emissions.
ExxonMobil has pledged to reduce its greenhouse missions by 15-20% in upstream operations by 2025. In addition, it has already announced a 40-50% cut in methane intensive by the same date and a 35-45% reduction in flaring intensity. Overall, its goal is to lead its industry in cutting greenhouse gas performance by 2030.
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