Laredo Petroleum Publishes Inaugural ESG and Climate Risk Report
February 22 2021 - 4:29PM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company")
today published its inaugural ESG and Climate Risk Report, covering
data for 2019 operations. The report and data tables are available
on the Company’s website at www.laredopetro.com, under the tab for
“Sustainability.”
Report Highlights
- Establishment of key emissions reduction targets: a 20%
reduction in GHG intensity by 2025, zero routine flaring by 2025
and a reduction of methane emissions to less than 0.20% of produced
natural gas by 2025
- Reporting standards and frameworks aligned with the
Sustainability Accounting Standards Board ("SASB"), the Task Force
on Climate-related Financial Disclosures ("TCFD") and the
International Petroleum Industry Environmental Conservation
Association ("IPIECA")
- Combined Scope 1 and 2 emissions intensity already below the
Oil and Gas Climate Initiative ("OGCI") 2025 carbon intensity
targets, which are aligned with Paris Agreement goals
- Demonstrated commitment to Board diversity with women and
minority directors comprising 45% of the Board
- Embedded safety culture reflected by 2019 employee total
recordable incident rate of 0.37 from one employee recordable
incident during the year
"I am extremely proud of Laredo’s inaugural ESG
and Climate Risk Report," stated Jason Pigott, President and CEO.
"Doing the right thing is deeply ingrained in our culture and this
report reflects that philosophy. While we are pleased with our
results to date, we are always working to improve. We committed to
making further progress on reducing emissions and reporting our
results in alignment with leading reporting standards and
frameworks. Laredo’s future as an innovative, sustainable energy
producer is bright and I look forward to issuing our next ESG and
Climate Risk Report by the end of 2021."
About Laredo
Laredo Petroleum, Inc. is an independent energy
company with headquarters in Tulsa, Oklahoma. Laredo's business
strategy is focused on the acquisition, exploration and development
of oil and natural gas properties, primarily in the Permian Basin
of West Texas.
Additional information about Laredo may be found
on its website at www.laredopetro.com.
Forward-Looking Statements This
press release and any oral statements made regarding the contents
of this release contain forward-looking statements as defined under
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, that address
activities that Laredo assumes, plans, expects, believes, intends,
projects, indicates, enables, transforms, estimates or anticipates
(and other similar expressions) will, should or may occur in the
future are forward-looking statements. The forward-looking
statements are based on management’s current belief, based on
currently available information, as to the outcome and timing of
future events. General risks relating to Laredo include, but are
not limited to, the decline in prices of oil, natural gas liquids
and natural gas and the related impact to financial statements as a
result of asset impairments and revisions to reserve estimates, oil
production quotas or other actions that might be imposed by the
Organization of Petroleum Exporting Countries and other producing
countries (“OPEC+”), the outbreak of disease, such as the
coronavirus (“COVID-19”) pandemic, and any related government
policies and actions, changes in domestic and global production,
supply and demand for commodities, including as a result of the
COVID-19 pandemic and actions by OPEC+, long-term performance of
wells, drilling and operating risks, the increase in service and
supply costs, tariffs on steel, pipeline transportation and storage
constraints in the Permian Basin, the possibility of production
curtailment, hedging activities, the impacts of severe weather,
including the freezing of wells and pipelines in the Permian Basin
due to cold weather, possible impacts of litigation and
regulations, the impact of the Company’s transactions, if any, with
its securities from time to time, the impact of new laws and
regulations, including those regarding the use of hydraulic
fracturing, the impact of new environmental, health and safety
requirements applicable to the Company’s business activities, the
possibility of the elimination of federal income tax deductions for
oil and gas exploration and development and other factors,
including those and other risks described in its Annual Report on
Form 10-K for the year ended December 31, 2019, Amendment No. 1 to
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2020, its Quarterly Report on Form 10-Q for the quarter ended June
30, 2020, its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020 and those set forth from time to time in other
filings with the Securities and Exchange Commission (“SEC”). These
documents are available through Laredo’s website at
www.laredopetro.com under the tab “Investor Relations” or
through the SEC’s Electronic Data Gathering and Analysis Retrieval
System at www.sec.gov. Any of these factors could cause Laredo’s
actual results and plans to differ materially from those in the
forward-looking statements. Therefore, Laredo can give no assurance
that its future results will be as estimated. Any forward-looking
statement speaks only as of the date on which such statement is
made. Laredo does not intend to, and disclaims any obligation to,
correct update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise, except as
required by applicable law.
Investor Contact: Ron Hagood
918.858.5504 rhagood@laredopetro.com
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