Parallel Petroleum Corporation Sustainability Profile
Parallel Petroleum Corporation, often referred to as Parallel, is a prominent player in the oil and gas industry, headquartered in the United States. Founded in 1997, the company has established a strong presence in key operational regions, focusing primarily on exploration and production activities. Specialising in the development of oil and natural gas resources, Parallel Petroleum is recognised for its innovative approaches to resource extraction and management. The company’s commitment to sustainability and efficiency sets it apart in a competitive market. With a solid track record of growth and strategic acquisitions, Parallel has achieved notable milestones, positioning itself as a reliable partner in the energy sector. Its core services include drilling, production optimisation, and asset management, all aimed at maximising value while minimising environmental impact.
DitchCarbon Score
How does Parallel Petroleum Corporation's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Crude Oil Extraction industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Parallel Petroleum Corporation's score of 20 is higher than 57% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Parallel Petroleum Corporation, headquartered in the US, currently does not report any specific carbon emissions data, as indicated by the absence of emissions figures in kg CO2e. The company is a current subsidiary of Samsung C&T Corporation, which may influence its climate strategies and reporting practices. While there are no documented reduction targets or climate pledges from Parallel Petroleum Corporation, it is important to note that emissions data and performance metrics may be inherited from its parent company, Samsung C&T Corporation. This relationship suggests that any climate commitments or initiatives may align with the broader sustainability goals set by Samsung C&T Corporation, although specific details are not provided. As a part of the energy sector, Parallel Petroleum Corporation is positioned within an industry increasingly focused on reducing carbon footprints and enhancing sustainability practices. The lack of specific emissions data highlights an opportunity for the company to establish clear climate commitments and reduction targets in line with industry standards.
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| 2017 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|
| Scope 1 | 121,711,000 | 00,000,000 | 00,000,000 | 00,000,000 | 000,000,000 | 00,000,000 |
| Scope 2 | 112,514,000 | 000,000,000 | 000,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 78,230,000 | 000,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Parallel Petroleum Corporation's Industry?
How Carbon Intensive is Parallel Petroleum Corporation's Location?
Parallel Petroleum Corporation's Scope 3 Categories Breakdown
Parallel Petroleum Corporation's Scope 3 emissions, which decreased by 39% last year and decreased by approximately 28% since 2017, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 26% of total emissions under the GHG Protocol, with "Purchased Goods and Services" being the largest emissions source at 74% of Scope 3 emissions.
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Parallel Petroleum Corporation's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Parallel Petroleum Corporation has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
