Pioneer Natural Resources sets out on 2030 carbon-reduction plan

By Kevin Crowley on 12/3/2020

HOUSTON (Bloomberg) --Pioneer Natural Resources Co. is targeting a 25% drop in greenhouse-gas emissions per unit of oil and natural gas production by 2030.

For methane releases, Pioneer’s so-called emissions intensity will decline by 40% during that period. The goals, announced in a company statement on Wednesday, fall short of the net zero emissions targets adopted by rivals such as Occidental Petroleum Corp.

Reducing emissions intensity means that Pioneer will cut the amount of pollution per barrel of oil produced rather than the absolute amount of greenhouse gases pumped into the atmosphere. The measure allows companies the option of increasing fossil-fuel production over time. Occidental last month became the first U.S. oil major to target net zero emissions by 2050, a pledge that’s become increasingly common in Europe.

Pioneer also said it will eliminate routine gas flaring by 2030, if not sooner. Chief Executive Officer Scott Sheffield was an early critic of the Permian Basin’s flaring problem, calling it a “black eye” for the industry last year.

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