At least a quarter of today’s global warming is caused by methane emissions from human sources.1 Methane is 86 times more potent than carbon dioxide over a 20-year period, meaning reducing emissions now can buy valuable time to address the climate crisis. In 2019, 30% of U.S. methane emissions from human activities came from natural gas and petroleum systems, from venting, flaring, and leaking.2 Methane emissions can be quantified directly through measurement (e.g., by detector, drone or satellite), or indirectly through calculations and modeling. However, the Environmental Protection Agency (EPA) formula used to estimate methane emissions is not a good foundation for a corporate mitigation strategy, failing to capture many major leaks, wasting valuable product (worth $2 billion per year) and substantially underestimating emissions.3 Studies have found actual emissions to be between 50 and 90% higher than estimated emissions reported using the formula.4 In certain basins, studies have found emissions to be more than 10 times higher than industry disclosed figures.5 As a result, oil and gas industry Scope 1 emissions may be significantly higher than currently reported. Companies that do not manage methane emissions jeopardize other industry decarbonization efforts, and risk their reputation and license to operate, as investors, regulators and civil society are setting expectations to address this issue. In 2021, investors managing more than $5.35 trillion supported strong federal methane regulations.6 The U.S. joined the Global Methane Pledge, committing to using best available inventory methodologies to quantify methane emissions.7 Companies, including U.S. companies EQT and Jonah Energy, have joined the Oil and Gas Methane Partnership, committing to improving methane data quality and consistency.8 According to EPA data, Chevron ranks 73d of U.S. top 100 oil and gas producers, with a methane intensity of 0.08%.9 However, given the limitations of EPA’s methodology this ranking lacks credibility.