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Pioneer Natural Resources Co PXD

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American Petroleum Institute Reverses Stance to Now Support Carbon Pricing

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

The American Petroleum Institute, or API, which is considered to the be one of the most influential lobbying groups for the U.S. oil and gas industry, is now supportive of a carbon pricing policy. This shift marks a reversal from its earlier rejection of carbon pricing during former President Barack Obama's administration (notably the American Clean Energy and Security Act of 2009). While the API is not endorsing a specific carbon price or specific implementation approach (cap and trade versus tax and so on), it is supportive of a broader set of market-based principles on the idea. On a similar note, the API is specifically supporting methane emissions regulation, as well as industrywide standards for collecting and reporting key environmental, social, and governance-related data points. Finally, the group is supporting further action by President Joe Biden's administration to fund carbon capture technology and expand tax credits.

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Company Profile

Business Description

Headquartered in Irving, Texas, Pioneer Natural Resources is an independent oil and gas exploration and production company focusing on the Permian Basin in Texas. At year-end 2020, Pioneer's proven reserves were 1.3 billion barrels of oil equivalent with net production for the year of 367 mboe per day. Oil and natural gas liquids represented 81% of production.

777 Hidden Ridge
Irving, TX, 75038
T +1 972 444-9001
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 1,853