Yahoo Finance Diamondback (FANG) Joins UN Program to Lower Methane Intensity
Diamondback Energy, Inc. (FANG) recently stated that it has joined the Oil and Gas Methane Partnership (OGMP) 2.0, the premier oil and gas reporting and mitigation program run by the United Nations.
The goal of OGMP 2.0 is to improve the accuracy and transparency of methane emissions reporting in the oil and gas sector. The program is a comprehensive, measurement-based reporting framework. So far, 100 companies with assets across five continents, representing more than 35% of the world's oil and gas production, have entered the partnership.
In 2022, Diamondback had plans to install continuous emission monitoring systems at its facilities by the end of this year, covering at least 90% of its operating oil output. The company also aims to lower methane intensity from 2019 levels by at least 70% within 2024.
According to Travis Stice, Diamondback's chairman and chief executive officer, the company is pleased to join OGMP 2.0 and implement the emission reporting methodology across its asset base in the Permian Basin.
Giulia Ferrini, OGMP 2.0 project manager, UNEP welcomed the move by Diamondback and added that oil and gas companies must be part of the methane solution to restrict global warming to 1.5°C.
Zacks Rank & Key Picks
Currently, Diamondback Energy carries a Zack Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR, each sporting a Zacks Rank #1 and Murphy USA Inc. MUSA carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed an upward revision in earnings estimates for 2024.
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