HOUSTON, Sept. 29, 2020 /PRNewswire/ -- EOG Resources, Inc. (EOG) today published its 2019 Sustainability Report, highlighting the company's innovative leadership in sustainability and demonstrating its commitment to environmental stewardship, social engagement and corporate governance. The report can be found at www.eogresources.com/sustainability.
"EOG is a resilient company with a commitment to being an innovative leader in sustainability," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "We have a history of successfully adapting to changing industry conditions. As we respond to the historic oil price collapse caused by the COVID-19 pandemic, we believe we will demonstrate once again just how resilient, innovative and committed to sustainability we are.
"What drives our confidence is the EOG culture – it is our number one competitive advantage. The expanded commitments and disclosures announced today demonstrate our resolve to drive continuous improvement in environmental, social and governance performance. I'm excited to see how EOG's culture of innovation and technology will keep delivering creative solutions to responsibly provide reliable, affordable energy to a growing global population."
Highlights of the 2019 Sustainability Report Include:
- Reduced Methane Emissions Intensity Rate – Our ongoing program to retrofit or remove pneumatics continues to significantly reduce methane emissions. These efforts resulted in a second consecutive year-over-year reduction of 45 percent in our methane emissions intensity rate.
- GHG Emissions Intensity Rate – We reduced our greenhouse gas (GHG) intensity rate 16 percent.
- Quantitative GHG and Methane Emissions Targets – EOG established quantitative GHG and methane reduction targets. Our goal is to reduce our GHG emissions intensity rate to 13.5 by 2025 and our methane emissions percentage to 0.06 by 2025.
- Sustainable Power Group – We established the EOG Sustainable Power Group to drive a new strategic initiative to identify and implement low-emissions electricity generation to power our field-level operations.
- Water Intensity Rate and Fresh Water Use – We decreased our water intensity rate and, more importantly, decreased our fresh water use by nearly 30 percent.
- Safety – We decreased our total recordable incident rate by almost 30 percent and our total lost time incident rate by 24 percent.
- ESG Tied to Executive Compensation – We added the reduction of our GHG and methane emissions intensity rates to the operational performance goals that determine the annual bonuses for our executives. For 2020, we have established a separately weighted, ESG-specific performance goal that includes the reduction of our GHG, methane and flaring emissions intensity rates, recordable incident rate and oil spill rates.
For more information about these metrics and other performance data, please consult our 2019 Sustainability Report at www.eogresources.com/sustainability.
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States, Trinidad and China. To learn more visit www.eogresources.com.
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