Methane leaks from abandoned oil and gas well are a big problem for the environment. Now, Zefiro Methane is turning them into a big opportunity.
What’s happening:
- Zefiro Methane (CBOE: ZEFI) has announced new record breaking revenue driven by their operations of reducing methane emissions of abandoned oil and gas wells
By the numbers:
- In their most recent quarter, Zefiro generated $8.5M USD in total revenue
- This represents an increase of approximately 10% in revenue from their previous quarter
Why it matters:
- Abandoned oil and gas wells are an enormous problem across the United States due to their methane emissions that leak into the atmosphere
- Methane is significantly worse for the atmosphere than carbon emissions, due to methane trapping more heat per molecule than carbon dioxide
Going deeper:
- Zefiro previously announced their first methane reduction carbon credits being listed on the American Carbon Registry, one of the leading carbon credit programs globally
- Zefiro also recently opened a new facility in Buckhannon, West Virginia to expand their oil and gas well plugging operations
The intrigue:
- In West Virgina alone there are more than 6,300 abandoned oil and gas wells, which has led to the state of Virgina providing government funding to help reduce methane emissions caused by old energy infrastructure
