Pioneer Natural Resources Releases 2021 Sustainability Report, Announcing Net Zero Ambition and Enhanced Emissions Reduction Targets
September 15 2021 - 04:30PM
Business Wire
Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer”
or “the Company”) today announced the publication of its 2021
Sustainability Report, highlighting the Company’s focus and
significant progress on environmental, social and governance (ESG)
programs. The comprehensive report highlights the Company’s Net
Zero ambition by 2050 and enhanced emissions reduction targets for
greenhouse gas (GHG) and methane. In addition, the report details
the Company’s 2020 performance, including enhanced disclosures on
air emissions, water management practices, diversity, equity and
inclusion, board governance and community engagement.
Highlights from Pioneer’s 2021 Sustainability Report
include:
- Instituting a pathway to Net Zero– Building on the
Company’s significant progress in reducing emission intensities,
Pioneer adopted a Net Zero ambition by 2050 for both Scope 1 and
Scope 2 emissions. As outlined in the report, many key initiatives
are already underway, demonstrating tangible progress towards the
Company’s planned pathway to reach Net Zero.
- Reducing greenhouse gas (GHG) and methane emissions
intensity and strengthening reduction targets – Pioneer
achieved a 27% reduction in GHG emission intensity and a 50%
reduction in methane intensity in 2020, exceeding the Company’s
previously established targets. With this accomplishment, the
Company has increased its 2030 goals to a 50% reduction in GHG
intensity and a 75% reduction in methane intensity from its 2019
baseline.
- Continuing to minimize flaring and commitment to end routine
flaring – In 2020, Pioneer achieved a flaring intensity that
was 79% lower than its goal to limit flaring to 1% of natural gas
produced. The assets acquired in the Parsley and DoublePoint
transactions will be incorporated into this target in 2021,
consistent with Pioneer’s high environmental standards. As
previously disclosed, Pioneer plans to end routine flaring (as
defined by the World Bank) by 2030, with the aspiration to
accomplish this by 2025.
- Reducing freshwater consumption – Pioneer is adopting a
target to reduce freshwater use in completions to less than 25% by
2026. The Company expects to achieve this goal by expanding its
recycling capabilities and through its unique partnerships with the
cities of Midland and Odessa to utilize reclaimed water. The
Company has already achieved a 50% reduction in freshwater use from
its 2015 completions baseline.
- Promoting diversity, equity and inclusion – Pioneer
fosters an environment of respect in the workplace through the
promotion of diversity, equity and inclusion. The Company’s
executive leadership team is currently 47% comprised of female or
ethnically diverse individuals. The Company is targeting to
increase its executive leadership diversity representation to
greater than 50% through time.
- Demonstrating continued commitment to local communities
– In addition to Pioneer and its employees donating more than $4
million to numerous charitable organizations in 2020, Pioneer
continues to participate in a leadership role in the Permian
Strategic Partnership, a consortium of Permian oil and gas
companies driving improvements in the region in education,
healthcare, workforce development, housing and road safety.
- Implementing Task Force on Climate-related Financial
Disclosure (TCFD) principles by year-end 2022 – Pioneer will
publish an inaugural Climate Risk Report during the fourth quarter
of 2021. The report will detail the Company’s progress towards
fully implementing TCFD principles into its business strategy, risk
management, scenario planning and target and goal setting
processes. This implementation is expected to be completed by
year-end 2022, one year earlier than the Company had previously
expected. As part of this ongoing effort, the Pioneer Board of
Directors expanded the responsibilities of its Sustainability and
Climate Oversight Committee to provide additional oversight and
strategic direction to sustainability and climate matters at the
Company.
CEO Scott D. Sheffield stated, “Our board of directors,
management team and employees are committed to ensuring Pioneer
remains an ESG leader. We are dedicated to reducing our emissions
intensities, being proactive and transparent in our engagement with
stakeholders and the communities in which we operate and ensuring
our governance policies and performance metrics align with our ESG
goals. These efforts, in conjunction with Pioneer’s low breakeven
costs, low-emissions intensity, strong balance sheet and
highly-skilled and diverse workforce, position the Company for
continued long-term success.”
Chairman of the Board, J. Kenneth Thompson, stated “In addition
to the information included in the Sustainability Report, Pioneer
will publish its first Climate Risk Report later this year.
Pioneer’s goals and strategies will further strengthen our ESG
leadership and allow us to provide reliable and affordable,
low-emissions intensity, oil and gas to the world. Pioneer’s
best-in-class assets and people, coupled with our commitment to
environmental stewardship, position the Company to remain a
sustainable supplier of the world’s energy needs for decades to
come.”
Additional information on Pioneer’s strategy and performance on
ESG and HSE initiatives can be found in the Sustainability Report
that is accessible on the Company’s website listed above. This
year’s report references the following reporting standards,
terminology and performance metrics: TCFD, Global Reporting
Initiative (GRI), International Petroleum Industry Environmental
Conservation Association (IPIECA), Carbon Disclosure Standards
Board (CDSB), Sustainability Accounting Standards Board (SASB) for
oil and gas exploration and production standards and the United
Nations Sustainable Development Goals (SDGs).
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
in the United States. For more information, visit Pioneer’s website
at www.pxd.com.
Cautionary Statement Regarding Forward-Looking
Information
Except for historical information contained herein, the
statements in this news release as well as Pioneer’s 2021
Sustainability Report are forward-looking statements that are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements and the
business prospects of Pioneer are subject to a number of risks and
uncertainties that may cause Pioneer’s actual results in future
periods to differ materially from the forward-looking statements.
These risks and uncertainties include, among other things,
volatility of commodity prices; product supply and demand; the
impact of a widespread outbreak of an illness, such as the COVID-19
pandemic, on global and U.S. economic activity; the ability to
obtain environmental and other permits and the timing thereof; the
effect of future regulatory or legislative actions on Pioneer or
the industry in which it operates; the ability to obtain approvals
from third parties and negotiate agreements with third parties on
mutually acceptable terms; litigation; the costs and results of
drilling and operations; availability of equipment, services,
resources and personnel; access to and availability of
transportation, processing, fractionation, refining, storage and
export facilities; Pioneer's ability to implement its business
plans; access to and cost of capital; the Company’s ability to
achieve its emissions reduction, flaring and other ESG goals; the
assumptions underlying forecasts; sources of funding; tax rates;
quality of technical data; environmental and weather risks,
including the possible impacts of climate change; cybersecurity
risks; and acts of war or terrorism. These and other risks are
described in Pioneer's Annual Report on Form 10-K for the year
ended December 31, 2020, Quarterly Reports on Form 10-Q filed
thereafter and other filings with the United States Securities and
Exchange Commission. In addition, the Company may be subject to
currently unforeseen risks that may have a materially adverse
effect on it. Accordingly, no assurances can be given that the
actual events and results will not be materially different than the
anticipated results described in the forward-looking statements.
Pioneer undertakes no duty to publicly update these statements
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915006096/en/
Pioneer Natural Resources Company Contacts:
Investors Neal Shah - 972-969-3900 Tom Fitter - 972-969-1821
Greg Wright – 972-969-1770
Media and Public Affairs Tadd Owens - 972-969-5760
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