Dril-Quip Announces Decarbonization Targets
June 06 2022 - 5:00PM
Dril-Quip, Inc. (NYSE: DRQ) (the “Company” or “Dril-Quip”) has set
its decarbonization targets to align with a 1.5°C global warming
pathway and the ambitions of the Paris Agreement, which seeks to
limit global warming to well below 2°C above pre-industrial levels.
Dril-Quip, Inc. is targeting the reduction of
its combined Scope 1 and Scope 2 emissions by more than 50% between
2021 and the target year 2030. Decarbonization actions include
switching to renewable electricity at certain manufacturing sites,
rightsizing facilities, investing in infrastructure to reduce
emissions, reducing vehicle fleet and evaluating electrification
opportunities.
Dril-Quip is not only committed to driving
environmental stewardship throughout its organization but also
through the broader energy industry. More than an estimated 75% of
Dril-Quip's Scope 3 emissions are attributable to machinery,
products and services purchased by Dril-Quip and the use of
Dril-Quip’s equipment leased by customers. Because of this,
Dril-Quip is working closely with suppliers and customers to find
avenues to decarbonize their operations further and help them set
their targets aligned with the 1.5°C global warming pathway to
reduce emissions across the entire value chain. Dril-Quip is
engaging with key suppliers to reduce upstream emissions in
sourcing activity to help them reduce their carbon footprint and
commit to long-term GHG emission targets. The Company is also
partnering with customers to develop engineered solutions to reduce
emissions during product fitting and installation by aligning their
solutions with their long-term decarbonization goals.
Jeff Bird, Dril-Quip's Chief Executive
Officer, commented, “We are proud to take these additional steps on
our ESG journey, particularly establishing decarbonization targets
to align with a 1.5°C global warming pathway. I am thankful for the
efforts of our internal team members and advisors who assisted in
assessing our carbon footprint and identifying actions to reduce
our emissions and who have worked with other parties in our supply
and delivery chain to reduce emissions. Additionally, Dril-Quip
continues investing in technologies and services that reduce carbon
and environmental impact through both internal R&D efforts and
collaborations. This is evidenced by our innovative e-Series
products that help our customers reduce their carbon footprint, and
our recently announced collaboration with Aker Solutions to provide
an optimal carbon capture, utilization and storage solution for
customers.”
More information on Dril-Quip’s ESG initiatives is available at:
https://www.dril-quip.com/environmental-social-governance.html
About Dril-Quip
Dril-Quip is a leading developer,
manufacturer and provider of highly engineered equipment, services
and innovative technologies for use in the energy industry. Visit
www.dril-quip.com and connect with us
https://www.linkedin.com/company/dril-quip.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 regarding the Company’s
anticipated decarbonization targets and related activities.
Forward-looking statements are based upon certain assumptions and
analyses made by the Company in light of its experience and
perception of historical trends, current conditions, expected
future developments and other factors. These statements are subject
to risks, some of which are beyond the Company’s control, including
but not limited to, the availability of renewable energy sources,
the volatility of oil and natural gas prices and cyclicality of the
oil and gas industry, decisions made by the Company’s customers and
suppliers, operating risks, and other factors detailed in the
Company’s public filings with the Securities and Exchange
Commission. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance, and actual
outcomes may vary materially from those indicated.
Investor Relations Contact
Blake Holcomb – Director of Investor Relations and Corporate
Planning(713) 939-0047 x 6364Blake_Holcomb@dril-quip.com
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