APA Corporation Achieves ESG Goal of Reducing Upstream Routine Flaring in Egypt by 40%
November 14 2022 - 8:00AM
APA Corporation (Nasdaq: APA) today announced the achievement of a
compensation-linked environmental, social and governance (ESG) goal
to reduce upstream routine flaring across Egypt operations by 40%.
The goal was reached ahead of schedule and is the result of
numerous emissions reduction projects executed in Egypt throughout
2022.
“Our approach to ESG is consistent and intentionally
challenging, focusing on near-term actions that drive immediate,
high-impact results,” said John J. Christmann IV, APA’s CEO and
president. “Oil and gas will play a critical role in the global
energy mix for decades to come, and we will continue to minimize
our environmental impact while meeting rising energy demand. We are
confident in the impact of the steps we are taking to reduce our
emissions across operating areas.”
To support the achievement of the 40% flare reduction goal,
technical teams in Egypt identified a series of emissions reduction
initiatives. The projects included the installation of new
compressors to move gas from flaring to sales and implementing
flare-to-power generation processes that move previously flared gas
to power generation which eliminated the need for diesel-based
power generation.
“Our dedicated team on the ground relied on their expertise to
identify pragmatic solutions to reduce flaring enabling us to help
provide energy security for Egyptians by compressing natural gas
into sales lines delivering cleaner-burning, affordable energy,”
said David Chi, Apache Egypt assets vice president and country
manager. “We are pleased to see these efforts come to fruition and
look forward to responsibly supporting Egypt’s emergence as a
regional energy hub.”
About APAAPA Corporation owns consolidated
subsidiaries that explore for and produce oil and natural gas in
the United States, Egypt and the United Kingdom and that explore
for oil and natural gas offshore Suriname and in the Dominican
Republic. Apache Corporation is a direct, wholly owned subsidiary
of APA Corporation. APA posts announcements, operational updates,
investor information and press releases on its website,
www.apacorp.com. Additional details regarding Suriname, ESG
performance and other investor-related topics are posted at
investor.apacorp.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements can be identified by words such as “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “continues,” “could,”
“estimates,” “expects,” “goals,” “guidance,” “may,” “might,”
“outlook,” “possibly,” “potential,” “projects,” “prospects,”
“should,” “will,” “would,” and similar references to future
periods, but the absence of these words does not mean that a
statement is not forward-looking. These statements include, but are
not limited to, statements about future plans, expectations, and
objectives for operations, including statements about our capital
plans, drilling plans, production expectations, asset sales, and
monetizations. While forward-looking statements are based on
assumptions and analyses made by us that we believe to be
reasonable under the circumstances, whether actual results and
developments will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially
from our expectations. See “Risk Factors” in APA’s Form 10-K for
the year ended December 31, 2021, and in our quarterly reports on
Form 10-Q, filed with the Securities and Exchange Commission for a
discussion of risk factors that affect our business. Any
forward-looking statement made in this news release speaks only as
of the date on which it is made. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. APA and its
subsidiaries undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future development or otherwise, except as may be required by
law.
Contacts
Investor: |
(281) 302-2286 |
Gary Clark |
Media: |
(713) 296-7276 |
Alexandra Franceschi |
Website: |
www.apachecorp.com |
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