ConocoPhillips investors vote for full-scope emissions proposal

May 12, 2021 11:14 AM ETConocoPhillips (COP)COPBy: Carl Surran, SA News Editor25 Comments
  • A majority of ConocoPhillips (COP +2.8%) shareholders rebuffed the company's board yesterday to vote in favor of setting emissions reduction targets that include Scope 3 emissions from customers using fuels purchased from the company.
  • The proposal by shareholder activist group Follow This won the support of 58% of investors in a non-binding vote.
  • The company had opposed the resolution, saying it "does not control who processes our crude oil, what energy products they are transformed into, nor how those products are made, marketed and used."
  • ConocoPhillips has outlined goals for net-zero emissions by 2050 for Scope 1 emissions, which include its own operations, and Scope 2 emissions, which take into account the power generation to run its facilities.
  • ConocoPhillips recently was upgraded to Buy at Bank of America, which called the company a "cash machine" with the potential for accelerated returns.

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