Parex Resources Sustainability Profile
Parex Resources Inc., a prominent player in the oil and gas industry, is headquartered in Calgary, Canada. Founded in 2009, the company has established a strong operational presence in Colombia, focusing on exploration and production activities. Parex is renowned for its commitment to sustainable practices and efficient resource management, setting it apart in a competitive market. The company primarily engages in the exploration and development of oil reserves, with a portfolio that includes several high-quality assets. Parex Resources has achieved significant milestones, including consistent production growth and strategic acquisitions that enhance its market position. With a reputation for operational excellence and a focus on maximising shareholder value, Parex continues to be a key contributor to the energy sector in Latin America.
DitchCarbon Score
How does Parex Resources'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 Gas/Diesel Oil 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
Parex Resources's score of 44 is higher than 78% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Parex Resources's reported carbon emissions
In 2024, Parex Resources reported total carbon emissions of approximately 4,351,406,260 kg CO2e, with Scope 1 emissions accounting for about 227,172,000 kg CO2e, Scope 2 emissions at approximately 12,128,000 kg CO2e, and a significant contribution from Scope 3 emissions, which totalled around 4,112,106,570 kg CO2e. The company has demonstrated a commitment to climate action by signing a Memorandum of Understanding (MOU) with the Colombian government in 2023, aiming to mitigate climate change impacts. This initiative targets long-term reductions in both Scope 1 and Scope 2 emissions, with a goal set for 2050. In 2023, Parex's emissions were reported at approximately 4,347,406,210 kg CO2e, with Scope 1 emissions of about 202,295,940 kg CO2e and Scope 2 emissions of approximately 3,104,540 kg CO2e. The Scope 3 emissions for that year were around 4,347,406,210 kg CO2e, indicating a substantial reliance on emissions from the use of sold products. The company has consistently disclosed emissions data across all three scopes, showcasing transparency in its environmental impact. As part of its ongoing efforts, Parex Resources is focused on achieving net-zero emissions by 2050, aligning with industry standards and expectations for climate responsibility.
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| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|
| Scope 1 | 80,781,000 | 000,000,000 | - | - | 000,000,000 | 000,000,000 | 000,000,000 | 000,000,000 |
| Scope 2 | 103,000 | 00,000 | - | - | 000,000 | 000,000 | 0,000,000 | 00,000,000 |
| Scope 3 | 35,064,670 | 00,000,000 | - | - | 00,000,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 |
How Carbon Intensive is Parex Resources's Industry?
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Parex Resources's Scope 3 Categories Breakdown
Parex Resources's Scope 3 emissions, which decreased by 5% last year and increased significantly since 2017, demonstrating supply chain emissions tracking. Nearly all of their carbon footprint comes from suppliers and value chain emissions, representing nearly all emissions under the GHG Protocol, with "Use of Sold Products" being the largest emissions source at 92% of Scope 3 emissions.
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Parex Resources'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.
Parex Resources 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.
