Phillips 66 Isn’t Ready to Commit to Net-Zero Emissions Goal

Phillips 66, one of the largest U.S. oil refiners, isn’t yet prepared to commit to a net-zero carbon emissions goal by 2050.

The company doesn’t know how to neutralize the greenhouse-gas footprint associated with the fossil fuels it supplies, Chief Executive Officer Greg Garland told journalists in a conference call this week. Still, it is investing in green energy alternatives such as renewable diesel and is supportive of the Paris Agreement ambitions on climate change.

Energy companies are under fierce pressure by investors and environmental groups to slash emissions and come up with a plan on how to survive ...