Integrated oil companies, including Exxon Mobil Corp., Chevron Corp., BP Plc., Royal Dutch Shell and Total, are developing new products and technologies to reduce their carbon emissions, according to a new report by Moody’s Investors Service. Strategies include expanding natural gas operations, upgrading refineries and developing and selling lower-emissions products, the report said.

“The world’s major integrated oil and gas companies are responding to climate change imperatives, in particular the Paris Agreement, by developing new products and technologies to optimize energy usage and reduce their carbon footprint,” said Steve Wood, managing director at Moody’s Investor Service. “In some cases, companies are linking employee compensation plans to reducing greenhouse gas emissions.”

The report outlines the steps taken by the integrated oil majors in meeting the challenges presented by energy transition and how their businesses will evolve in the coming years.

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