Devon Energy Establishes Target to Reduce Methane Emissions
June 10 2019 - 11:45AM
Business Wire
Devon Energy Corp. (NYSE: DVN) announced today it is
establishing a voluntary, company-specific target to reduce methane
emissions for its U.S. oil and natural gas production operations,
consistent with its core value of being a good environmental
steward. By 2025, Devon will achieve a methane-intensity rate of
0.28 percent or lower. In 2018, Devon’s methane-intensity rate was
estimated at 0.32 percent, which is pending EPA review and
third-party verification.
Setting this target signals the next step in Devon’s continuing
proactive pursuit to reduce greenhouse gas emissions and reaffirms
the company’s commitment to protecting the environment for future
generations.
Devon has established a comprehensive and transparent way of
accounting for emissions across all its operated assets that goes
beyond what’s required by the EPA and represents a significant step
toward managing climate risk. The company’s methane-intensity rate
is calculated based on emissions from Devon-operated oil and
natural gas production facilities as a percentage of natural gas
produced. This includes all sources of emissions as reported to the
EPA, plus emissions from all basins that fall below the threshold
that require EPA reporting and would otherwise go unreported.
“By continuing to operate responsibly and increasing our focus
on leak detection and repair, we’re confident we can meet this
ambitious target,” said Dave Hager, Devon president and CEO. “The
actions we’re taking reaffirm our commitment to responsible
production operations, going beyond what is required by law in
pursuit of continuous improvement in environmental
performance.”
As part of its overall methane emissions management program and
to help achieve and maintain the intensity goal, Devon is
proactively executing leak detection and repair (LDAR) at sites
where LDAR is not required by federal or state regulation. Devon
has trained personnel whose primary focus is conducting infrared
camera surveys and ensuring that any necessary repairs are
successful. The data collected through this program will allow
Devon to establish best management practices and identify
technology, equipment and materials for improved
performance.
Devon’s new methane-intensity measure will be a component of
executive and employee compensation, along with short-term
emissions performance that already exists.
For more information about Devon’s past methane-intensity rate,
please see the performance metrics section of the company’s
Sustainability Report at www.devonenergy.com/sustainability.
About Devon Energy
Devon Energy is a leading independent energy company engaged in
finding and producing oil and natural gas. Based in Oklahoma City
and included in the S&P 500, Devon operates in several of the
most prolific oil and natural gas plays in the U.S. with an
emphasis on achieving strong corporate-level returns and
capital-efficient cash-flow growth. For more information, please
visit www.devonenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the company. These risks
include, but are not limited to: the delay or failure to limit
methane emissions; legislative, fiscal and regulatory developments,
including regulatory measures addressing climate change and
environmental laws; technological advances, changes and impacts
that could differ materially depending on political or regulatory
changes; operating factors; and the other risks identified in the
Company’s Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual results or developments may differ materially from
those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the
date hereof, even if subsequently made available by Devon on its
website or otherwise. Devon does not undertake any obligation to
update the forward-looking statements as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190610005538/en/
Investor ContactsScott Coody, 405-552-4735Chris Carr,
405-228-2496
Media ContactJohn Porretto, 405-228-7506
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