Exxon Engages In Discussions To Join UN-Led Methane Reporting Agreement: Report

Exxon Mobil Corporation XOM reportedly plans to join a U.N.-led initiative that would mandate disclosing more details of its global methane output.

If it chooses to participate, it would signify a change in direction for a company that has previously hesitated to undergo external assessments of its initiatives to curb greenhouse gas emissions, Reuters reported, citing two people with knowledge of the matter.

One of the sources reportedly told Reuters that Exxon felt it needed to join the Oil and Gas Methane Partnership because of the Pioneer Natural Resources Company PXD deal.

Related: It's Official - Exxon Mobil To Acquire Pioneer Natural Resources For $59.5B In Stock

A shareholder resolution introduced this year urged Exxon to become a part of the OGMP to enhance its emissions detection and reporting, Reuters said. However, the resolution did not pass, receiving only 36% of the votes.

Exxon and leading U.S. producer Chevron Corporation CVX are part of the Oil and Gas Climate Initiative (OGCI), a consortium of oil companies with self-imposed emissions targets and no standardized monitoring, the report adds.

"Exxon and Chevron are laggards here. We tell them this every chance we get," Mark Brownstein, senior vice president for energy at the Environmental Defense Fund, a partner in OGMP, told Reuters. "It is a huge step forward".

Price Action: XOM shares are trading lower by 0.07% to $112.94 premarket on the last check Friday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.