Methane Emissions Report – EOG Resources, Inc. (2014)
Whereas: Public confidence in the environmental benefits of natural gas is threatened by evidence of high levels of methane leakage from the oil and gas industry in many regions. For example, a November 2013 study published in the Proceedings of the National Academy of Sciences shows the oil and gas sector in Oklahoma and Texas, where EOG has operations, may be emitting up to five times more methane than estimated. This study raises questions regarding the adequacy of current Environmental Protection Agency methods for measuring methane emissions. The International Energy Agency’s (IEA) 2012 report “Golden Rules for a Golden Age …
Methane Emissions Targets – Spectra Energy (2014)
Whereas: Over a 20-year period, methane’s impact on temperature is 86 times that of carbon dioxide and therefore contributes significantly to climate change. The oil and gas industry accounts for 70% of energy-related methane emissions. Studies from Cornell, the University of Colorado and the University of Texas, among others, estimate highly varied methane leakage rates as a percentage of production, creating uncertainty and garnering attention from Forbes and The New York Times. Reducing methane emissions in upstream oil and gas production is one of four policies proposed by the International Energy Agency (IEA) that “could stop the growth in global …
Spectra Energy Shareholder Proposal on Methane Emissions Receives Strong Support from Shareholders
April 30, 2013: A shareholder proposal asking Spectra Energy Corp. (NYSE: SE) to issue a report about how the company is managing methane emissions received 35.3% of the votes cast by the shareholders at the company’s annual meeting today. The vote far surpasses the 3% threshold that is required by the SEC for inclusion in next year’s proxy voting. The proposal was filed by Trillium Asset Management, LLC (Trillium) on behalf of the Sierra Club Foundation and Paul Katz and co-filed by The Benedictine Sisters of Virginia, Friends Fiduciary Corporation, and Zevin Asset Management. Methane is the primary component of …
Trillium’s Open Letter to Spectra Energy Shareholders Regarding Methane Emissions Proposal
Trillium Asset Management (Trillium) has published an open letter to Spectra Energy (NYSE: SE) shareholders urging them to vote “FOR” PROPOSAL 5 on the proxy card, which asks the Company how it is managing the economic and regulatory risks related to methane leakage in the Company’s operations. The shareholder proposal makes the following request of Spectra Energy: “Shareholders request that the Board of Directors publish a report (by October 2013, at reasonable cost, and omitting proprietary information) for investors on how Spectra Energy is measuring, mitigating, and disclosing methane emissions.” After reviewing the proposal, Institutional Shareholder Services (a division of …
Fugitive Methane Emissions Report – ONEOK (2013)
WHEREAS: Natural gas development has been publicized for its superior environmental profile; fugitive methane emissions in the oil and gas sector represent one of the most rapidly growing sources of anthropogenic methane emissions in the US, contributing 20 percent of short-term global warming impact. The promise of natural gas as a bridge fuel to a more sustainable energy future is under question given the high short-term climate impact. The Intergovernmental Panel on Climate Change estimates that methane has 25x the impact on temperature as CO2 over a 100 year period and 72x the impact over a 20 year period. Methane is …
Fugitive Methane Emissions Report – Range Resources (2013)
WHEREAS: Natural gas development has been publicized for its superior environmental profile; fugitive methane emissions in the oil and gas sector represent one of the most rapidly growing sources of anthropogenic methane emissions in the US, contributing 20 percent of short-term global warming impact.The promise of natural gas as a bridge fuel to a more sustainable energy future is under question given the high short-term climate impact of methane emissions. The Intergovernmental Panel on Climate Change estimates that methane has 25x the impact on temperature as CO2 over a 100 year period and 72x the impact over a 20 year …
Fugitive Methane Emissions Report – Spectra Energy (2013)
WHEREAS: Natural gas development has been publicized for its superior environmental profile; fugitive methane emissions in the oil and gas sector represent one of the most rapidly growing sources of anthropogenic methane emissions in the US, contributing 20 percent of short-term global warming impact. The promise of natural gas as a bridge fuel to a more sustainable energy future is under question given the high short-term climate impact. The Intergovernmental Panel on Climate Change estimates that methane has 25x the impact on temperature as CO2 over a 100 year period and 72x the impact over a 20 year period. Methane is …
EOG Resources – Methane Emission Reduction Targets (2019)
Resolved: Shareholders request EOG Resources, Inc. (EOG) adopt quantitative targets for reducing methane emissions, and issue a report (at reasonable cost, in a reasonable time, and omitting proprietary information) discussing its plans and progress towards achieving these targets. Supporting Statement: In 2014 a shareholder proposal focusing on methane emission targets at EOG received a 28% vote. An almost identical proposal earned a 31.5% vote in 2015. Whereas: The Paris Climate Agreement of 2015, agreed to by 195 countries, established a target to limit global temperature increases to 2-degrees Celsius above pre-industrial levels. To meet the 2-degree goal and mitigate the …
EOG Resources, Inc. – Greenhouse Gas Emissions Reduction Targets (2018)
Resolved: Shareholders request EOG Resources, Inc. (EOG) adopt company-wide, quantitative, time-bound targets for reducing greenhouse gas (GHG) emissions and issue a report, at reasonable cost and omitting proprietary information, discussing its plans and progress towards achieving these targets. Whereas: The Paris Climate Agreement of 2015, agreed to by 195 countries, established a target to limit global temperature increases to 2-degrees Celsius above pre-industrial levels. To meet the 2-degree goal and mitigate the most severe impacts of climate change, climate scientists estimate it is necessary to reduce global emissions 55 percent by 2050 (relative to 2010 levels), entailing a US reduction …
EOG Resources – Methane Reduction (2017)
Resolved: Shareholders request EOG Resources (EOG) adopt time-bound, quantitative, company-wide goals for reducing methane emissions and issue a report, at reasonable cost and omitting proprietary information, on its plans to achieve these goals. Whereas: Methane, the primary component of natural gas, is a greenhouse gas (GHG) with over 80 times the climate impact of carbon dioxide over a 20-year period. Methane emissions from the oil and gas industry constitute the largest industrial source of methane emissions in the U.S. In 2015, EOG’s methane emissions intensity rate was 0.55%. ONE Future (members include peer companies Apache, Hess, and Southwestern), an EPA …