Devon Energy Announces the Release of Its 2021 Sustainability Report
November 17 2021 - 6:55AM
Devon Energy Corp. (NYSE: DVN), (“Devon” or the “Company”) a
leading U.S. independent oil and gas producer, today announced the
release of its latest sustainability report which highlights the
company’s efforts to deliver industry-leading results while being a
good neighbor, valued and effective community partner, responsible
environmental steward, and supportive employer.
“This year Devon celebrated its 50th anniversary, and that
longevity is due in large part to the strength of our core values —
integrity, relationships, courage, and results,” said Rick
Muncrief, President and CEO. “Being a sustainable company means
pursuing excellence in all these areas, and this report highlights
Devon’s commitment and achievements towards reducing our
environmental impact, providing for others, and delivering strong
results. We believe that with our dedication to continuous
improvement, the next 50 years look strong for Devon.”
The comprehensive report highlights the Company's net zero
ambition for scopes 1 & 2 GHG emissions by 2050 and other
enhanced environmental performance targets announced earlier this
year. The report also details the Company's 2020 performance,
including enhanced disclosures on air emissions, water management
practices, diversity, equity and inclusion, board governance and
community engagement.
PROTECTING THE PLANET
- Reduced GHG emissions by 14% and methane emissions by 47% in
2020 compared to 2019
- Set ambitious environmental targets including a net zero goal
for scopes 1 & 2 by 2050
- Reduced flared volume intensity by 33%
- Used 37 million barrels of recycled water in 2020, and more
than 150 million barrels since 2015
PROVIDING FOR OTHERS
- Implemented safety and workplace standards that kept internal
COVID transmissions low
- Established Inclusion and Equity grants to support minority-led
community organizations
- Installed more than 100 STEM centers since 2019
- Reduced Lost Time Incident rate by 19%
DELIVERING RESULTS
- Generated record free cash flow and provided industry-leading
cash returns to shareholders
- Tied a larger portion of employee compensation to ESG
goals
- Earned top-tier rankings among peer companies on major
ESG-focused surveys and assessments
“As a newly integrated company with blended teams, I’m proud
that we’ve established an ambitious yet achievable ESG roadmap,”
said Clay Gaspar, Chief Operating Officer. “Devon is committed to
supporting the world’s growing energy demand with reliable and
affordable energy while being a good steward of the environment and
a good corporate citizen in the communities in which we live and
work.”
This year’s report reflects Devon’s level of alignment with
voluntary frameworks and standards established by IPIECA, TCFD,
SASB, and United Nations Sustainable Development Goals.
Find the full report complete with targets and metrics here and
on the Devon Energy website.
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with
a premier multi-basin portfolio headlined by a world-class acreage
position in the Delaware Basin. Devon’s disciplined cash-return
business model is designed to achieve strong returns, generate free
cash flow, and return capital to shareholders, while focusing on
safe and sustainable operations. For more information, please visit
www.devonenergy.com.
Investor Contacts |
Media Contact |
Scott Coody, 405-552-4735 |
Lisa Adams, 405-228-1732 |
Chris Carr, 405-228-2496 |
|
FORWARD LOOKING STATEMENTSThis press release
contains “forward-looking statements” within the meaning of the
federal securities laws. Such statements are not promises or
guarantees of future conduct or policy and are subject to a number
of assumptions, risks and uncertainties, many of which are beyond
our control. Consequently, Devon’s actual activities and future
results, including the development, implementation or continuation
of any program, target or initiative discussed in this press
release, may differ materially in the future due to a number of
factors, including, but not limited to: the risk that Devon is
unable to implement the new technologies and practices contemplated
to achieve the environmental performance targets successfully or on
a timely basis; the risk that such technologies and practices
result in higher than anticipated costs or cause operational
disruptions that adversely impact Devon’s financial performance;
and the other risks identified in Devon’s 2020 Annual Report on
Form 10-K and its other filings with the Securities and Exchange
Commission. The forward-looking statements in this press release
are made as of the date hereof, and Devon does not undertake, and
expressly disclaims, any duty to update or revise our
forward-looking statements based on new information, future events
or otherwise.
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