TULSA, Okla., Sept. 22, 2021 /PRNewswire/ -- ONEOK, Inc. (NYSE:
OKE) today announced a companywide greenhouse gas (GHG) emission
reduction target. The company expects to achieve an absolute 30%
reduction, or 2.2 million metric tons (MMT), of its combined Scope
1 and Scope 2 emissions by 2030, compared with 2019 base-year
levels.
"ONEOK has a long history of responsible operations and this
announcement signifies the continued commitment to our core
operating principles," said Pierce H.
Norton II, ONEOK president and chief executive officer.
"Setting this emission reduction target marks another major
environmental milestone for our company.
"In addition to this target, our dedicated sustainability and
renewables teams are actively researching opportunities that will
complement our extensive midstream assets and expertise,
strengthening the vital role we expect to play in a lower-carbon
economy," added Norton. "We'll remain intentional in our focus and
maintain capital discipline while developing these
opportunities."
Reduction of 30% by 2030
Scope 1 and 2 emissions represent ONEOK's total operational
emissions, including direct emissions from company-operated sources
and indirect emissions from the generation of purchased power.
ONEOK's 2019 Scope 1 and 2 emissions totaled 7.2 MMT of carbon
dioxide equivalents (CO2e). A 30% reduction from 2019
levels would reduce emissions by 2.2 MMT CO2e by
2030.
Opportunities for reductions include the electrification of
certain natural gas compression assets across ONEOK's operations,
methane mitigation through best management practices and system
optimizations. Additionally, ONEOK is identifying opportunities to
collaborate with utilities and power generators to accelerate the
availability of lower-carbon power options across the company's
operations.
ONEOK's 2030 target further enhances the company's dedication to
emissions reductions through industry relationships, best
management practices, the use of technology to detect and minimize
emissions, and internally set environmental targets. Since 2014,
the company has included an internal environmental metric as an
element of the short-term incentive program for all employees to
promote the continued reduction of releases and emissions events
across ONEOK's operations. This new publicly disclosed emissions
target complements long-standing internal targets while
strengthening the company's overall commitment to reducing
operational environmental impacts.
More information about ONEOK's emissions reduction efforts and
environmental, social and governance performance can be found on
ONEOK's website, www.oneok.com.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading
midstream service provider and owner of one of the nation's premier
natural gas liquids (NGL) systems, connecting NGL supply in the
Rocky Mountain, Mid-Continent and Permian regions with key market
centers and an extensive network of natural gas gathering,
processing, storage and transportation assets.
ONEOK is a Fortune 500 company and is included in the S&P
500.
For the latest news about ONEOK, find us at
www.oneok.com or on LinkedIn, Facebook, Twitter and
Instagram.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Some of the statements contained and incorporated herein are
forward-looking statements as defined under federal securities
laws. Examples of forward-looking statements contained herein
include our GHG emission reduction target. We make these
forward-looking statements in reliance on the safe harbor
protections provided under federal securities legislation and other
applicable laws. The following discussion is intended to identify
important factors that could cause future outcomes to differ
materially from those set forth in the forward-looking
statements.
Forward-looking statements reflect our expectations as of the
date of this press release and include the information concerning
possible or assumed future results of our operations and other
statements contained or incorporated herein identified by words
such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "goal," "target," "guidance," "intend,"
"may," "might," "outlook," "plan," "potential," "project,"
"scheduled," "should," "will," "would," and other words and terms
of similar meaning.
Readers should not place undue reliance on forward-looking
statements and are urged to carefully review and consider the
various disclosures we make from time to time with the United
States Securities and Exchange Commission (SEC), which are
available via the SEC's website at www.sec.gov and our website
at www.oneok.com. Known and unknown risks, uncertainties and other
factors may cause our actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by forward-looking statements. In
addition to any assumptions and other factors referred to
specifically in connection with the forward-looking statements,
factors that could cause our actual results to differ materially
from those contemplated in any forward-looking statement include,
among others, the following:
- The transition to a lower-carbon economy, including the timing
and extent of the transition, as well as the expected role of
different energy sources in such a transition;
- The pace of technological advancements and industry innovation,
including those focused on reducing GHG emissions and advancing
other climate-related initiatives, and our ability to take
advantage of those innovations and developments;
- The effectiveness of our risk management strategies, including
mitigating climate-related risks;
- Our ability to identify and execute opportunities, and the
economic viability of those opportunities, including those relating
to renewable energy sources, renewable natural gas, carbon capture,
use and storage, solar, wind and alternative low carbon fuel
sources such as hydrogen;
- The ability of our existing assets and expertise to support the
growth of, and transition to, various renewable and alternative
energy opportunities, including through the positioning and
optimization of our assets;
- Our ability to efficiently reduce the carbon intensity of our
operations (both Scope 1 and 2), including through the use of lower
carbon power alternatives, management practices and system
optimizations;
- The effects of changes in governmental policies and regulatory
actions, including changes with respect to tax policy, emissions
credits, carbon offsets and carbon pricing;
- The necessity to direct our focus on maintaining and enhancing
our existing assets;
- The impacts of acquisitions or dispositions; and
- Those factors listed under "Forward-looking Statements" in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (2020 Annual Report), and in
our other filings that we make with the SEC, which are available
via the SEC's website at www.sec.gov and our website at
www.oneok.com.
These factors are not necessarily all of the important factors
that could cause actual results to differ materially from those
expressed in any of our forward-looking statements. Other factors,
known and unknown, could also affect adversely our future results.
These and other risks are described in greater detail in Part I,
Item 1A, Risk Factors, in our 2020 Annual Report and in our other
filings that we make with the SEC, which are available via the
SEC's website at www.sec.gov and our website at www.oneok.com. All
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by these
factors. Any such forward-looking statement speaks only as of the
date on which such statement is made, and other than as required
under securities laws, we undertake no, and expressly disclaim any,
obligation or duty to update publicly any forward-looking statement
whether as a result of new information, subsequent events or change
in circumstances, expectations or otherwise.
While future events or changes discussed herein may be
significant, any significance should not be read as necessarily
rising to the level of materiality of the disclosures required
under the U.S. federal securities laws. Our targets are
aspirational and not guarantees or promises that all targets will
be met. Statistics and metrics included in our
sustainability-related documents are estimates and may be based on
assumptions, developing standards or third-party data that we have
not independently vetted.
Analyst
Contact:
|
Megan
Patterson
|
|
918-561-5325
|
Media
Contact:
|
Brad
Borror
|
|
918-588-7582
|
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SOURCE ONEOK, Inc.