Exploring private equity's role in stopping methane leaks

In this episode of the All Things Sustainable podcast, we continue our deep dive into methane emissions. Today we're exploring the role that private equity can play in eliminating methane emissions, including at abandoned oil and gas wells.

Methane is the second largest contributor to global warming behind carbon dioxide. And the fossil fuel sector is responsible for nearly one-third of methane emissions from human activity today. Record production of oil, gas and coal, combined with limited mitigation efforts, has kept emissions above 120 million metric tons annually, according to the International Energy Agency's 2025 Global Methane Tracker published in May. The IEA calls methane abatement a "crucial opportunity" to reduce near-term global warming.

To understand how some companies are tackling methane emissions at abandoned facilities, in the episode we talk with Zefiro Methane Corp., an environmental services company that specializes in methane abatement at abandoned oil and gas wells in the US. Zefiro is a portfolio company of private equity firm X Machina Capital Strategies, or XMC, which works to transform oil and gas assets into long-term, sustainable solutions.

We speak with Catherine Flax, Founding Member and President of Private Markets at XMC. On June 5, Catherine was appointed interim CEO of Zefiro Methane Corp., where she also serves on the board.

We also talk with Talal Debs, Founder and Managing Partner of XMC. Talal was CEO of Zefiro Methane Corp. from November 2023 until June 2025.

In the episode, Talal outlines how XMC takes a "full-spectrum energy investment" approach.

"Let's take all the energy that we can get economically, but make it as clean as possible with a mind towards: what are we going to do with the mess afterwards?" he says. "If we can do that ... we're capturing the full spectrum of opportunity without ignoring the full spectrum of risks."

Listen to our previous episode on methane emissions here.

Learn about energy transition data and services from S&P Global Commodity Insights.

This piece was published by S&P Global Sustainable1, a part of S&P Global.

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