U.S. oil producer ConocoPhillips on Wednesday unveiled a 10-year plan that raised its targets for greenhouse gas reductions and put its annual capital expenditure at about $10-billion on average, ahead of an investor meeting.
Houston-based ConocoPhillips is also targeting more than $115-billion in free cash flow over the next decade and expects to meet its goal of $5-billion gross debt reduction by 2026.
Major oil and gas producers have come under mounting pressure to cut greenhouse gas emissions to slow climate change, and set targets for reducing their own direct and indirect emissions, or so-called Scope 1 and 2.
ConocoPhillips has faced criticisms from environmental activists for its recently approved $7-billion oil drilling project Willow in Alaska’s Arctic, over concerns it would exacerbate climate change and damage pristine wildlife habitat.
The company on Wednesday said its 10-year plan includes acceleration of greenhouse gas (GHG)-intensity reduction target through 2030 from 40-50 per cent to 50-60 per cent. It also expects to spend between $10.7-billion and $11.3-billion this year.
Truist analyst Neal Dingman said the plan was inline with company’s previous comments about modest growth with solid shareholder returns among others.