Devon Energy Corp. on Wednesday released its latest sustainability report which highlights the company’s efforts to improve its environmental efforts.
The company said it had reduced greenhouse gas emissions by 14% and methane emissions by 47% in 2020 compared to 2019. It also has a net zero for some of its operations by 2050.
The Devon report also said its flaring volume intensity had been cut by 33%. It has a goal of eliminating all routine flaring by 2030. The company also devoted more effort to use recycled water in 2020, reporting 37 million barrels last year and more than 150 million barrels since 2015.
“This year Devon celebrated its 50th anniversary, and that longevity is due in large part to the strength of our core values — integrity, relationships, courage, and results,” said Rick Muncrief, President and CEO.
“Being a sustainable company means pursuing excellence in all these areas, and this report highlights Devon’s commitment and achievements towards reducing our environmental impact, providing for others, and delivering strong results. We believe that with our dedication to continuous improvement, the next 50 years look strong for Devon.”
The comprehensive report highlights the Company’s net zero ambition for scopes 1 & 2 GHG emissions by 2050 and other enhanced environmental performance targets announced earlier this year. The report also details the Company’s 2020 performance, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion, board governance and community engagement.
PROTECTING THE PLANET
- PROVIDING FOR OTHERS
- Implemented safety and workplace standards that kept internal COVID transmissions low
- Established Inclusion and Equity grants to support minority-led community organizations
- Installed more than 100 STEM centers since 2019
- Reduced Lost Time Incident rate by 19%
- Generated record free cash flow and provided industry-leading cash returns to shareholders
- Tied a larger portion of employee compensation to ESG goals
- Earned top-tier rankings among peer companies on major ESG-focused surveys and assessments
“As a newly integrated company with blended teams, I’m proud that we’ve established an ambitious yet achievable ESG roadmap,” said Clay Gaspar, Chief Operating Officer. “Devon is committed to supporting the world’s growing energy demand with reliable and affordable energy while being a good steward of the environment and a good corporate citizen in the communities in which we live and work.”
This year’s report reflects Devon’s level of alignment with voluntary frameworks and standards established by IPIECA, TCFD, SASB, and United Nations Sustainable Development Goals.
Find the full report complete with targets and metrics here.