The oil and gas industry can't afford to ignore the growing climate crisis, nor the growing calls to reduce greenhouse gas (GHG) emissions and rapidly change its business model to accelerate the just transition to a low-carbon economy. Volatile oil prices and the rapid evolution of clean energy technologies combined with the expanding climate and clean air policies worldwide are changing the prospects for oil and gas demand. Failure to address the risks and take advantage of the opportunities presented by the just transition to a low-carbon economy threatens the oil and gas sector’s long-term stability and profitability.
Our work in the oil & gas sector
The energy market is changing with or without oil and gas companies. Ceres works with investors, companies, and regulators on the strategies and policies that will spur the industry to match its ambition to the scale of this transition and the risks of getting left behind.
Our approach
The oil and gas sector is responsible for 15% of global emissions. Through our Ambition 2030 initiative, Ceres aims to decarbonize the six highest-emitting sectors of the economy, including the oil and gas sector. We work sector-wide, calling on companies to set science-based climate goals, create robust transition action plans, and provide disclosure about how they are achieving interim targets by 2030.
Investor engagement
Through the Ceres Investor Network and the Climate Action 100+ initiative, we support impactful engagements with the oil and gas sector to improve company disclosures and address the risks and opportunities associated with their energy production — including methane emissions, flaring, and transparency in climate risk accounting.
Corporate action
We engage oil and gas companies to match their strategies to the clean energy transition by setting science-based targets and reducing investments in risky oil and gas exploration and higher cost hydrocarbons.
Policy advocacy
We work to secure strong climate and energy policies at state and federal levels that will reduce GHG and methane emissions from all sectors of the economy for healthier communities and economic competitiveness, directly impacting the oil and gas sector’s business model.
Our Progress
From record-breaking shareholder resolutions votes at ConocoPhillips and Phillips66 to milestone investor victories at ExxonMobil and Chevron, we work to drive meaningful changes within the oil and gas sector to accelerate the transition to a just and sustainable future. As a result of our advocacy, we are seeing real progress.
A record-breaking vote at Chevron
As part of Ceres’ work with investors to underscore strong shareholder support for corporate leadership in reducing methane emissions, 98% of Chevron’s investors voted during the 2022 proxy season in favor of a shareholder resolution calling on the company to report on the reliability of its methane emissions disclosures. The important vote was flagged by the Climate Action 100+ initiative.
Proxy season wins at ConocoPhillips and Phillips66
At the ConocoPhillips and Phillips66 2021 annual meetings, resolutions seeking emissions reduction targets, both filed by Follow This and supported by Ceres, obtained historic majority shareholder approval. Another key resolution was filed requesting that Phillips66 issue a report on whether its lobbying activities are consistent with the goals of the Paris Agreement. The lobbying resolution vote was among the many flagged by the Climate Action 100+ initiative.
Board of directors shake up at ExxonMobil
In a dramatic shake up in 2021, a majority of ExxonMobil shareholders voted to replace two of the oil major’s board of directors with an alternative slate of candidates experienced in clean energy and energy transitions. Ceres Investor Network members and signatories of the Climate Action 100+ initiative were among the shareholders who voted for the board of directors nominated by Engine No. 1.
Methane and GHG regulations
In 2021, Ceres organized 168 investors representing $6.23Tin assets under management to call on the U.S. EPA to issue comprehensive regulations to curb dangerous methane and greenhouse gas emissions — and more stringent enforcement mechanisms to back them up. Occidental, Devon, Shell and bp, all engaged by investors as focus companies of Climate Action 100+, also spoken out in favor of strong regulations.
In 2020, our work with investment firm Engine No. 1 and Enviromental Defense Fund (EDF) led to ConocoPhillips, Devon, Occidental, and Pioneer a joining the Oil and Gas Methane Partnership 2.0, an alliance working to ensure accurate detection, quantification, and reporting of methane emissions.
Explore our oil and gas reports
We produce cutting-edge research and reports to educate and encourage investors and companies in the oil and gas sector to achieve a low-carbon future.
Apr 12, 2024
Investor Guidance for Engaging on Oil and Gas Sector Public Policy
Sep 13, 2023
Decarbonizing U.S. Gas Distribution: An Investor Guide
May 23, 2023
Benchmarking Methane and Other GHG Emissions Of Oil and Natural Gas Production in the United States 2023
Help us transform the oil and gas sector
Our work to accelerate the transition to a more just and sustainable economy depends on the generosity of our supporters. Your gift will help Ceres drive progress across every sector of the economy.
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Latest updates
Read the latest news and insights from our work in the oil and gas sector.
Events and webinars
Nov 21, 2023
On-demand
Climate Intelligence for Investments: Comparing Methane's Risk Factor in Coal vs. Natural Gas
Jun 1, 2023
On-demand
Benchmarking Methane and other GHG Emissions
Aug 30, 2022
On-demand
Benchmarking Methane and Other Greenhouse Gas Emissions of U.S. Oil and Gas Production
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