(MENAFN- 3BL) Marathon Petroleum Corporation (NYSE: MPC) and its midstream subsidiary MPLX LP (NYSE: MPLX) have released two joint reports detailing the companies’ efforts to increase their sustainability as the energy industry evolves.
The companies’ Sustainability Report and Climate-Related Scenario Perspectives report highlight MPC and MPLX’s recent achievements and progress in strengthening their resilience, developing innovations for the future, embedding sustainability in their decision-making and managing the risks and opportunities associated with the evolution of the energy industry.
The sustainability report provides insight into, among other things, the companies’ progress in reducing greenhouse gas emissions, lowering the carbon intensity of their fuels, strengthening a strong safety culture, fostering an engaged and motivated workforce, community engagement, the board’s oversight and risk management function, and strong compliance and ethics programs. The publication “Perspectives on Climate-Related Scenarios” – the eighth annual report from MPC and MPLX, based on the Task Force on Climate-Related Financial Disclosures framework – contains in-depth analyses of the companies’ strategic risks and opportunities in the energy landscape.
“At MPC and MPLX, we have long recognized that sustainability is critical to long-term success in our ever-changing industry,” said President and CEO Maryann Mannen. “This includes our responsibility to minimize our environmental footprint, invest in the communities where we operate and foster an inclusive culture in our workplaces. And as we seek to maintain and advance our sustainability efforts, nothing is more important than the safety of our employees and our neighbors. By integrating safety into our daily work, we are investing in the longevity and sustainability of our industry.”
While the two reports have different focuses, they also emphasize common themes. For example, the reports highlight the companies’ time-bound, realistic greenhouse gas emission reduction targets, including a 30% reduction in Scope 1 and 2 greenhouse gas emission intensity by 2030 from 2014 levels. With MPC on track to meet the target before 2030, the company is expanding that target to a 38% reduction from 2014 levels by 2035. Similarly, MPLX has made significant progress on its methane emission intensity target, a 75% reduction in its Gathering and Processing segment’s methane emission intensity by 2030 from 2016 levels. By the end of 2023, MPLX had achieved a 57% reduction.
“Our employees have enabled us to achieve so much, and we have ambitious goals that inspire us to continue to progress,” said Mannen. “I am optimistic about what the future holds for Marathon Petroleum and MPLX, and our sustainability-focused approach supports our relentless commitment to being a better company.”
Sustainability Report
Climate-related perspectives 2024
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