By Daniel Webster, dWeb.News Publisher
DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer” or “the Company”) today announced the publication of its 2021 Sustainability Report, highlighting the Company’s focus and significant progress on environmental, social and governance (ESG) programs. The comprehensive report highlights the Company’s Net Zero ambition by 2050 and enhanced emissions reduction targets for greenhouse gas (GHG) and methane. In addition, the report details the Company’s 2020 performance, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion, board governance and community engagement.
Highlights from Pioneer’s 2021 Sustainability Report include:
- Instituting a pathway to Net Zero– Building on the Company’s significant progress in reducing emission intensities, Pioneer adopted a Net Zero ambition by 2050 for both Scope 1 and Scope 2 emissions. Many key initiatives have already been implemented, which shows that the Company is making tangible progress toward its goal of Net Zero.
- Reducing greenhouse gas (GHG) and methane emissions intensity and strengthening reduction targets – Pioneer achieved a 27% reduction in GHG emission intensity and a 50% reduction in methane intensity in 2020, exceeding the Company’s previously established targets. With this accomplishment, the Company has increased its 2030 goals to a 50% reduction in GHG intensity and a 75% reduction in methane intensity from its 2019 baseline.
- Continuing to minimize flaring and commitment to end routine flaring – In 2020, Pioneer achieved a flaring intensity that was 79% lower than its goal to limit flaring to 1% of natural gas produced. The assets acquired in the Parsley and DoublePoint transactions will be incorporated into this target in 2021, consistent with Pioneer’s high environmental standards. As previously disclosed, Pioneer plans to end routine flaring (as defined by the World Bank) by 2030, with the aspiration to accomplish this by 2025.
- Reducing freshwater consumption – Pioneer is adopting a target to reduce freshwater use in completions to less than 25% by 2026. This goal is being achieved by the Company’s expansion of its recycling capabilities, and its unique partnerships with Odessa and Midland to use reclaimed water. The Company has already achieved a 50% reduction in freshwater use from its 2015 completions baseline.
- Promoting diversity, equity and inclusion – Pioneer fosters an environment of respect in the workplace through the promotion of diversity, equity and inclusion. The Company’s executive leadership team is currently 47% comprised of female or ethnically diverse individuals. The Company is targeting to increase its executive leadership diversity representation to greater than 50% through time.
- Demonstrating continued commitment to local communities – In addition to Pioneer and its employees donating more than $4 million to numerous charitable organizations in 2020, Pioneer continues to participate in a leadership role in the Permian Strategic Partnership, a consortium of Permian oil and gas companies driving improvements in the region in education, healthcare, workforce development, housing and road safety.
- Implementing Task Force on Climate-related Financial Disclosure (TCFD) principles by year-end 2022 – Pioneer will publish an inaugural Climate Risk Report during the fourth quarter of 2021. This report will outline the progress of the Company towards fully implementing TCFD principles in its business strategy, risk management and scenario planning, as well as target and goal setting processes. This implementation is expected to be completed by year-end 2022, one year earlier than the Company had previously expected. The Pioneer Board of Directors increased the responsibilities of the Sustainability and Climate Oversight Committee as part of the ongoing effort to provide strategic direction and oversight to climate and sustainability matters at the Company.
CEO Scott D. Sheffield stated that “Our board, management, and employees are committed in ensuring Pioneer continues to be an ESG leader.” We are committed to reducing our emissions intensities and being proactive and transparent with our engagements with stakeholders and communities. We also ensure that our governance policies, performance metrics and governance policies align with our ESG goals. These efforts, along with Pioneer’s low breakeven cost, low-emissions intensity, strong balance sheet, and highly-skilled workforce, position Pioneer for continued long-term successes.”
Chairman, J. Kenneth Thompson stated that “In addition to the Sustainability Report, Pioneer will also publish its first Climate Risk Report later in the year. Pioneer’s ESG leadership will be strengthened and we will be able to supply reliable, affordable, low-emissions oil and gas to the global market. Pioneer’s best-in class assets and people, combined with our commitment to environmental sustainability, will position the Company as a sustainable supplier for the world’s energy requirements for decades to come.”
More information about Pioneer’s strategy, performance on ESG, and HSE initiatives is available in the Sustainability Report, which can be accessed on the Company’s website. The following reporting standards, terminology, and performance metrics are used in this year’s report: TCFD (Global Reporting Initiative), International Petroleum Industry Environmental Conservation Association, IPIECA), Carbon Disclosure Standards Board, Sustainability Accounting Standards Board, SASB (for oil and gas production standards and the United Nations Sustainable Development Goals.
Pioneer, an independent oil and gas exploration, production, and production company, is based in Dallas, Texas and has operations throughout the United States. Visit Pioneer’s website, http://www.pxd.com for more information.
Cautionary Statement Regarding Forward-Looking Information
Except for historical information contained herein, the statements in this news release as well as Pioneer’s 2021 Sustainability Report are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Future results and Pioneer’s business prospects are subject to many uncertainties and risks. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer’s ability to implement its business plans; access to and cost of capital; the Company’s ability to achieve its emissions reduction, flaring and other ESG goals; the assumptions underlying forecasts; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; and acts of war or terrorism. These and other risks are described in Pioneer’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q filed thereafter and other filings with the United States Securities and Exchange Commission. The Company could also be exposed to unanticipated risks that could have a material adverse effect on its business. It is impossible to predict the future and the results of actual events or activities. These statements are not subject to public updating, except as required by law.
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