OKLAHOMA
CITY, July 17, 2023 /PRNewswire/ -- Chesapeake
Energy Corporation (NASDAQ: CHK) today announced that it has
achieved recertification of its natural gas production across the
entirety of its Marcellus operations, which averaged approximately
4.4 billion cubic feet (bcf) of gross natural gas per day
during the first quarter of 2023. The company received a grade A
under the MiQ methane emissions standard and a grade A- from
Equitable Origin's EO100™ Standard for Responsible Energy
Development, which focuses on environmental, social and governance
(ESG) performance.
"These achievements are a testament to our team and our
commitment to deliver the affordable, reliable and lower carbon
energy the world needs. We take our role in responsible energy
production very seriously and are extremely proud of the ability to
minimize our environmental footprint across our operating areas and
further reduce emissions," said Chesapeake
President and CEO Nick
Dell'Osso.
The MiQ standard is graded across a sliding A–F scale based on
methane intensity, company practices and methane detection
technology deployment. The MiQ certification provides a verified
approach to tracking Chesapeake's commitment to reduce methane
intensity across its natural gas assets and supports the company's
net zero GHG emissions goal by 2035.
"Chesapeake's A grade recertification underscores its commitment
to continued emissions reduction in its natural gas production,"
said Georges Tijbosch CEO of MiQ. "Methane can be addressed this
decade, and MiQ certification is important to understand methane
intensity from oil and gas production – providing operators like
Chesapeake with credible data that drives market transparency."
Equitable Origin moved from a pass/fail rating to a letter grade
system this year and awarded Chesapeake an A-. To achieve this
designation, the company needed to score at least 95% in Equitable
Origin's EO100™ five core principles. This includes
corporate governance, transparency and ethics; human rights, social
impacts and community investment; indigenous peoples' rights;
fair labor and working conditions; and climate change,
biodiversity and environmental impacts.
"The high grade achieved in this assessment is reflective of a
demonstrated commitment to transparency and continuous improvement.
This example of responsible energy leadership is an important step
towards a better, more sustainable future," said Equitable Origin
CEO Soledad Mills.
Chesapeake was the first producer to achieve MiQ and
EO100™ certification across two major basins in 2022. The
company expects to obtain recertification of its Haynesville assets
in December.
About CHK:
Headquartered in Oklahoma City, Chesapeake Energy Corporation
(NASDAQ:CHK) is powered by dedicated and innovative employees who
are focused on discovering and responsibly developing our leading
positions in top U.S. oil and gas plays. With a goal to achieve net
zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed
to safely answering the call for affordable, reliable, lower carbon
energy.
About MiQ:
MiQ has developed a universally
applicable certification standard for credibly assessing the
methane performance of natural gas production around the world. The
standard is independent, third-party audited, quantitative, and
graded across a sliding A–F scale based on three metrics:
methane intensity, company practices, and methane detection
technology deployment. MiQ's Certification scheme is designed to
improve transparency surrounding methane emissions and provide the
backbone for a level playing field across the global natural gas
market.
An MiQ Certificate represents the methane emissions
performance attributes of a specified portion of natural gas. To
prevent double-counting, MiQ maintains a registry of all MiQ
Certificates from Issuance through to Retirement.
Visit miq.org/certification
for more information.
About Equitable Origin:
Equitable Origin is
a non-profit organization that created the first market-based
mechanism to recognize and reward responsible energy producers and
to empower energy purchasers through independent, site-level
certification. The EO100™ Standard for Responsible Energy
Development is grounded in a set of comprehensive, globally
applicable ESG indicators developed with extensive stakeholder
input. Certification against the EO100™ Standard promotes best
practices and drives improvements in ESG performance while enabling
a market for differentiated energy production. To learn more
visit energystandards.org.
Forward-Looking Statements
This news release includes "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 are statements other than statements of historical fact.
They include statements that give our current expectations,
management's outlook guidance or forecasts of future events, future
production and commodity mix, plans and objectives for future
operations, ESG initiatives, and the assumptions on which such
statements are based. Although we believe the expectations
reflected in our forward-looking statements are reasonable, they
are inherently subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond our
control. No assurance can be given that such forward-looking
statements will be correct or achieved or that the assumptions are
accurate or will not change over time.
Factors that could cause actual results to differ materially
from expected results include those described under "Risk Factors"
in Item 1A of our annual report on Form 10-K and any updates to
those factors set forth in Chesapeake's subsequent quarterly
reports on Form 10-Q or current reports on Form 8-K (available at
http://www.chk.com/investors/sec-filings). These risk factors
include: the volatility of oil, natural gas and NGL prices; the
limitations our level of indebtedness may have on our financial
flexibility; our inability to access the capital markets on
favorable terms; our ability to replace reserves and sustain
production; uncertainties inherent in estimating quantities of oil,
natural gas and NGL reserves and projecting future rates of
production and the amount and timing of development expenditures;
our ability to generate profits or achieve targeted results in
drilling and well operations; leasehold terms expiring before
production can be established; effects of environmental protection
laws and regulations on our business; legislative and regulatory
initiatives further regulating hydraulic fracturing; our need to
secure adequate supplies of water for our drilling operations and
to dispose of or recycle the water used; impacts of potential
legislative and regulatory actions addressing climate change;
competition in the oil and gas exploration and production industry;
a deterioration in general economic, business or industry
conditions; negative public perceptions of our industry; limited
control over properties we do not operate; pipeline and gathering
system capacity constraints and transportation interruptions. In
addition, this news release contains time-sensitive information
that reflects management's best judgment only as of the date of
this news release. This news release does not purport to suggest
that Chesapeake Energy Corporation will maintain or improve upon
its grades with either MiQ or Equitable Origin.
INVESTOR
CONTACT:
Chris Ayres
(405) 935-8870
ir@chk.com
|
MEDIA
CONTACT:
Brooke Coe
(405) 935-8878
media@chk.com
|
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SOURCE Chesapeake Energy Corporation