By Colin Kellaher

Chevron Corp. (CVX) on Thursday said its progress on reducing greenhouse-gas emissions will now be a factor in determining compensation for its executives and nearly all other workers.

The San Ramon, Calif., energy company said its board has established performance measures in a bid to align employee incentives with achieving progress on climate-related issues.

Chevron said the metrics aim to reduce methane emissions intensity by 20% to 25% and flaring intensity by 25% to 30% for the 2016-2023 period, aligned with the timing of milestones in the Paris Agreement on climate change. The company said it will measure the intensity based on its ownership of oil and gas assets, not just the projects over which it has operational control.

Chevron said the new performance measures will be included in the scorecard for its incentive plan, which rewards employees for meeting key company goals. Chevron said the annual variable pay program includes about 45,000 workers.

The company said it will report on its annual achievement of the methane and flaring performance measures as part of its proxy statement in 2020.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 07, 2019 10:54 ET (15:54 GMT)

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