ESG & Investing
Phillips 66 Failed to Report Big Gas Release Spotted From Space
It’s the latest example of a US energy company disclosing a methane release only after outside researchers notice it.
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A leaky valve at a Phillips 66 facility in Texas poured tons of planet-warming natural gas into the atmosphere over three days in August, a mishap that was disclosed to regulators only months later when the event was spotted by satellite imagery.
The release of 9.5 million cubic feet of gas, reported to Texas regulators last month, is the latest example of outside researchers spotting pollution events that energy companies fail to disclose. Natural gas consists mostly of methane, a powerful contributor to global warming that is a major focus of the COP28 climate summit underway in Dubai.