ConocoPhillips Expects About $10 Bln in Annual Spending for Next Decade

The company unveiled its new emission targets, as well as financial and operating plans for the next decade ahead of an investor meeting later on Wednesday.

Major oil and gas producers have come under mounting pressure to cut greenhouse gas emissions to slow climate change. Many have set targets for reducing their own direct and indirect emissions, or so-called Scope 1 and 2.

ConocoPhillips’ 10-year plan includes acceleration of greenhouse gas (GHG)-intensity reduction target through 2030 from 40%-50% to 50%-60%, the company said in a statement.

It expects to spend between $10.7 billion and $11.3 billion this year.