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ExxonMobil (XOM) Unveils a New Emission-Reduction Program
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Exxon Mobil Corporation (XOM - Free Report) has chalked out a new plan to lower greenhouse gas emissions over the next five years after the leading integrated energy firm was recently targeted by activist investors over climate change concerns.
The new 2025 targets comprise plans to cut intensity of emissions from upstream operations by 15% to 20% from 2016 levels. Over the five-year span, ExxonMobil will also reduce methane intensity by 40% to 50% and flaring intensity by 35% to 45%. The target for elimination of routine flaring in the next decade is another plan which the energy giant said will align with the initiative of World Bank.
Notably, the company’s new climate change plans are applicable for scope 1 and scope 2 emissions, suggesting emissions from own operations and by providers of power. However, the targets will not cover emissions from burning of oil, which signifies scope 3 emissions. Importantly, like European energy giants, ExxonMobil has agreed to provide scope 3 emissions data every year starting 2021.
President-elect Joe Biden has remarked that he will focus more on renewable energy while transitioning away from oil. Thus, before the inauguration of Biden, many producers of oil in the United States have started giving importance to investors’ concerns over climate change with the promise of reducing greenhouse gas emissions.
ExxonMobil added that it is on track to meet its 2020 greenhouse gas emission reduction target. The integrated company set a plan in 2018 that by 2020-end, it will lower methane emissions by 15% and flaring by 25%, both as compared to 2016 levels.
ExxonMobil currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include Summit Midstream Partners, LP (SMLP - Free Report) , DCP Midstream, LP and HighPoint Resources Corporation . While Summit Midstream carries a Zacks Rank #2 (Buy), DCP Midstream and HighPoint sport aZacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Summit Midstream has seen upward earnings estimate revisions for 2020 in the past seven days.
DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.
HighPoint is likely to see earnings growth of 167.5% in 2020.
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Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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ExxonMobil (XOM) Unveils a New Emission-Reduction Program
Exxon Mobil Corporation (XOM - Free Report) has chalked out a new plan to lower greenhouse gas emissions over the next five years after the leading integrated energy firm was recently targeted by activist investors over climate change concerns.
The new 2025 targets comprise plans to cut intensity of emissions from upstream operations by 15% to 20% from 2016 levels. Over the five-year span, ExxonMobil will also reduce methane intensity by 40% to 50% and flaring intensity by 35% to 45%. The target for elimination of routine flaring in the next decade is another plan which the energy giant said will align with the initiative of World Bank.
Notably, the company’s new climate change plans are applicable for scope 1 and scope 2 emissions, suggesting emissions from own operations and by providers of power. However, the targets will not cover emissions from burning of oil, which signifies scope 3 emissions. Importantly, like European energy giants, ExxonMobil has agreed to provide scope 3 emissions data every year starting 2021.
President-elect Joe Biden has remarked that he will focus more on renewable energy while transitioning away from oil. Thus, before the inauguration of Biden, many producers of oil in the United States have started giving importance to investors’ concerns over climate change with the promise of reducing greenhouse gas emissions.
ExxonMobil added that it is on track to meet its 2020 greenhouse gas emission reduction target. The integrated company set a plan in 2018 that by 2020-end, it will lower methane emissions by 15% and flaring by 25%, both as compared to 2016 levels.
Exxon Mobil Corporation Price
Exxon Mobil Corporation price | Exxon Mobil Corporation Quote
ExxonMobil currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include Summit Midstream Partners, LP (SMLP - Free Report) , DCP Midstream, LP and HighPoint Resources Corporation . While Summit Midstream carries a Zacks Rank #2 (Buy), DCP Midstream and HighPoint sport aZacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Summit Midstream has seen upward earnings estimate revisions for 2020 in the past seven days.
DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.
HighPoint is likely to see earnings growth of 167.5% in 2020.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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