Three of the largest U.S. oil companies – ConocoPhillips (NYSE:COP), Devon Energy (NYSE:DVN) and Pioneer Natural Resources (NYSE:PXD) – said Thursday they have joined a United Nations-backed group working to curb greenhouse gas emissions.
The Oil & Gas Methane Partnership 2.0 is an international initiative of mostly European companies and others that has created a framework for measuring and reporting methane emissions intended to “provide stakeholders with the assurance that this important greenhouse gas is being managed responsibly.”
According to The Wall Street Journal, Christopher James, founder of Engine No. 1, the investment firm that elected three directors to Exxon’s board last year after saying the oil company was a climate laggard, helped convince Conoco, Devon and Pioneer Natural to join the group.
James told WSJ that after conversations with company executives that followed his initial outreach last August, he realized they already were working to substantially reduce methane leaks and were considering joining a group that would evaluate their performance.
ConocoPhillips (COP) executive Dominic Macklon said the three companies’ move to join OGMP 2.0 should encourage more U.S. companies to do the same, adding that curbing emissions is a way to ensure shale gas competes globally for markets that demand cleaner fuel.
The move comes as the U.S. shale industry seeks to ship more natural gas to Europe, where policymakers have long focused on environmental concerns.