Trillium is pleased to announce that we have withdrawn a shareholder proposal at EOG Resources after the Company committed to reduce its methane emissions this year while establishing a quantitative methane emissions reduction goal for next year. Trillium and other investors have been in conversation with EOG about its management of methane and other greenhouse gas (GHG) emissions for many years. Withdrawal of this proposal, which was co-filed by Miller/Howard Investments, marks the latest milestone in our ongoing dialogue that has contributed to EOG taking meaningful action to reduce its methane emissions.
We believe EOG’s new commitment to set both qualitative and quantitative methane emissions reduction targets is a highpoint on this journey and we commend EOG for taking this important step to reduce its climate impact. Methane is a greenhouse gas 84 times as potent as CO2 and accounts for about 23% of EOG’s total GHG emissions. At the same time, it is also the primary component of natural gas – a product sold by EOG. This commitment, therefore, represents EOG’s recognition of the financial and environmental importance of minimizing its methane emissions. Achieving these targets will result in even greater reductions in methane emissions – a win for the climate and EOG shareholders.
As the current EPA is actively eliminating regulations that limit methane emissions, it is imperative that companies step up their efforts to reduce emissions. This commitment from EOG sends a strong signal to regulators and other oil and gas companies that reducing methane emissions is in the best interest of the environment and the industry.
Trillium looks forward to continuing the productive dialogue with EOG and providing input as the Company sets, and achieves, additional methane emissions reductions.