Laredo Petroleum publishes 2021 ESG and climate risk
TULSA, OK, September 30, 2021 (GLOBE NEWSWIRE) – Laredo Petroleum, Inc. (NYSE: LPI) (âLaredoâ or the âCompanyâ) today released its 2021 ESG and Climate Risk Report, disclosing data from key performance for 2020 operations. The report significantly improves on the company’s previous disclosures with the inclusion of Scope 3 emissions estimates, an overview of integrating climate risk scenarios into its financial and business planning, and an audit insurance data limited by a third party. The report and data tables are available on the “Sustainability” page of the Company’s website at www.laredopetro.com.
Additionally, Laredo announced the implementation of a pilot project for the continuous on-site emissions monitoring of selected facilities in Howard County and the initiation of the Responsible Origin Gas Certification (âRSGâ) process. for all horizontal wells in the West Glasscock and Howard de Laredo County development areas, through an agreement with Project Canary.
Highlights of the 2021 ESG and climate risk report
- 56% reduction in burnt volumes from 2019 levels, demonstrating further progress towards previously announced 2025 emission reduction targets
- Reduced intensity of produced fluids spills by 48% from 2019 levels, including a 63% reduction in the company’s oil spill rate
- Conducted scenario analysis aligned with the Climate-Related Financial Disclosures (TCFD) Working Group to demonstrate the resilience and economic viability of the company’s development plans in an aggressive low-carbon scenario
- Increased transparency through disclosure of Scope 3 emission estimates using the International Petroleum Industry Environmental Conservation Association (IPIECA) methodology
- Company’s Combined Total Recordable Incident Rate (TRIR) decreased by 14% compared to 2019
- Demonstrated continued commitment to diversity and inclusion across the organization, with women and minorities representing 56% of the company’s board of directors and 47% of all Laredo employees
- Increase in workforce data disclosure and transparency with the publication of Equal Employment Opportunity (EEO-1) data for 2020
âWe are delighted to share the significant progress Laredo has made on our environment, safety, diversity and inclusion initiatives,â said Jason Pigott, President and CEO. âAs we continue to consolidate our acreage in the Midland Basin, we see our ESG performance as a competitive advantage. Stakeholders are increasingly interested in the sustainable development practices of asset buyers and we are committed to being a leader in ESG performance. rooted in our corporate culture, for the benefit of our employees, communities and investors. “
Details of continuous emissions monitoring and RSG certification:
- Implementation of a continuous emissions monitoring pilot project at selected production sites in Howard County for greenhouse gas (GHG) measurement
- Continuing RSG Certification for Laredo Horizontal Wells in the Company’s Howard and West Glasscock County Development Areas through Project Canary’s TrustWellMT certification process, providing third-party verification of Laredo’s operating standards and practices
âI am proud to announce our implementation of continuous emissions monitoring and our pursuit of responsible origin gas certification,â continued Mr. Pigott. âAs the first public company in the Permian Basin to engage in Project Canary’s RSG monitoring and certification process, we are once again demonstrating our commitment to ESG leadership. “
Laredo Petroleum, Inc. is an independent energy company headquartered in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and gas properties, primarily in the Permian Basin of West Texas.
Additional information about Laredo can be found on its website at www.laredopetro.com.
This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, which deal with the activities that Laredo undertakes, plans, expects, believes, intends, plans, indicates, allows, transforms, estimates or anticipates (and other similar expressions) will, is expected or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s current belief, based on information currently available, as to the outcome and timing of future events.
General risks associated with Laredo include, but are not limited to, the decline in the prices of petroleum, natural gas liquids and natural gas and the related impact on the financial statements due to asset impairments and revisions. reserve estimates, the Company’s ability to execute its strategies, including its ability to identify and successfully complete strategic acquisitions at purchase prices accretive to its financial results and to successfully integrate businesses, assets and acquired properties, oil production quotas or other actions that may be imposed by the Organization of the Petroleum Exporting and Other Producing Countries (“OPEC +”), the disease epidemic, such as the coronavirus pandemic (“COVID-19”), and all related government policies and actions, changes in domestic and global production, supply and demand for raw materials, including due to COVID-19 pandemic and OPEC + actions, long-term performance of wells, drilling and operations g risks, increased service and supply costs, steel tariffs, pipeline transportation and storage constraints in the Permian Basin, the possibility of production reduction, hedging activities, the impacts of bad weather, including freezing of wells and pipelines in the Permian Basin due to the cold, possible impacts of litigation and regulations, impact of the Company’s transactions, if any, with its securities from time to time, impact of new laws and regulations, including those regarding the use of hydraulic fracturing, impact of new requirements in environmental, health and safety matters applicable to the Company’s business activities, the possibility of eliminating federal tax deductions for oil and gas exploration and exploitation s and other factors, including those and other risks described in its Annual Report on Form 10- K for the year ended December 31, 2020, current report on Form 8-K, filed with the Securities and Exchange Commission (âSECâ) on May 11, 2021, and those set forth from time to time in other filings with the SEC. These documents are available on Laredo’s website at www.laredopetro.com under the âInvestor Relationsâ tab or through the SEC’s electronic data collection and analysis system at www .sec.gov. Any of these factors could cause Laredo’s actual results and plans to differ materially from forward-looking statements. Therefore, Laredo cannot guarantee that its future results will be those estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Laredo does not intend and disclaims any obligation to correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
All amounts, dollars and percentages presented in this press release are rounded and therefore approximate.