Yahoo Finance Exxon (XOM) Brings an End to Routine Permian Gas Flaring
Exxon Mobil (XOM) brought an end to its routine flaring of natural gas that are produced along with the exploration and production activities in the Permian Basin, per Reuters. The source added that the energy giant will also push for stricter regulations so that competitors follow suit.
ExxonMobil, the leading oil producer in the United States, has been facing criticism for its role in contributing to global warming and rising sea levels. In response, the company has taken steps to reduce its own gas emissions and supported government initiatives to hold oil and gas companies accountable for failing to identify and fix gas leakages. These include its recent announcement to stop routine flaring of natural gas in the Permian Basin and push for stricter regulations for competitors to do the same. This move is part of Exxon's efforts to reduce greenhouse gas emissions and improve its environmental performance.
According to Exxon, its proposal for stricter methane regulations aims to level the playing field for oil and gas companies. Natural gas's primary component, methane, is a pow
erful greenhouse gas.
Exxon will take the next step by launching a satellite by this year's end to start monitoring greenhouse gas emissions in the Permian. According to David Scott, Exxon's general manager in the basin, this will be the first of 24 satellites that will be deployed globally over the following three years, in collaboration with the climate monitoring company Scepter Inc.
Exxon started with 700 sites in the Permian Basin and aims to eliminate routine flaring globally by 2030. In the Permian, it reached a flaring intensity of 0.4% at the end of 2022, which is low but still behind some rival oil companies that are subject to more stringent local regulations.
Zacks Rank and Key Picks
ExxonMobil is a leading integrated energy company. Currently, ExxonMobil carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at stocks like Patterson-UTI Energy PTEN and Halliburton (HAL), both sporting a Zacks Rank #1 (Strong Buy), and Calumet Specialty Products Partners (CLMT) carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.47 billion. Its shares have gained 63.4% in the past year.
Halliburton: HAL valued at around $36.35 billion. In the past year, the HP stock has increased by 33%.
TX-based Halliburton Company, headquartered in Houston, is one of the largest oilfield service providers in the world with a trailing four-quarter earnings surprise of roughly 5.87%, on average.
Calumet Specialty Products Partners: CLMT is worth approximately $1.33 billion. Its shares have gained 19.5% in the past year.
Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, specialty hydrocarbon products in North America.
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