From methane emissions to flaring, water conservation and the COVID-19 Pandemic, they are targets in the 2020 Sustainability Report released this week by Oklahoma City-based Devon Energy Corp.
The company’s report highlights the company’s performance and efforts related to emissions and flaring reductions, environment preservation, pandemic and crisis management, employee empowerment and community investment.
“At Devon we are providing energy the world needs, and we take pride in doing so reliably and responsibly,” said ESG Executive Sponsor and Executive Vice President, Exploration & Production, David Harris. “Among other achievements, I’m most proud of our significant reduction in GHG emissions.”
Devon Energy’s 2020 Sustainability Report highlights progress and goals in key priority areas:
- Emissions: To reinforce its commitment to emissions reductions, in 2019 Devon voluntarily set a methane-intensity target to reduce emissions to 0.28% or lower by 2025. By focusing on detecting and repairing leaks, avoiding venting and flaring, evaluating and implementing new technologies, and other operational improvements, Devon has reached its target and continues finding ways to reduce emissions even further. Total greenhouse gas emissions intensity improved by 19% in 2019 compared to 2018.
- Flaring: Devon’s flaring performance has improved over the last five years to a rate below 1% of natural gas produced after the company took ownership of a portion of the midstream gas compression equipment associated with its Delaware Basin operations and proceeded to minimize conditions that caused most of the flaring.
- Water conservation: Devon has invested significant capital to reduce reliance on fresh water for many years, and in 2019, 90% of all water used by Devon for operations in the Delaware Basin was recycled or brackish water.
- Pandemic and crisis management: After multiple crises in early 2020 – health and economic – Devon stepped up to support employees while continuing to meet energy demands. To keep employees safe and healthy after COVID struck, the company quickly implemented flexible work practices and health and safety precautions on work sites. And even though there was a sharp decline in demand for oil, operations also made significant changes to respond to the decline while maintaining business continuity and positioning the company for recovery.
- People: In 2019 Devon supplemented flexible work arrangements, added time off for employees fostering children in their home, and expanded its stock awards program for employees. Additionally, Devon leaders engaged with employees on inclusion and diversity topics to proactively increase awareness, understand challenges and support employees so they may contribute their best every day.
- Communities: In 2019, Devon invested a total of $6.2 million to support social causes in local communities. The company supported STEM educational programs and the development of STEM-focused centers in collaboration with organizations like the Cal Ripken, Sr. Foundation. Devon’s Give for Good campaign in 2019 raised more than $1.7 million for the United Way of Central Oklahoma and the Regional Food Bank of Oklahoma.
“We continue to evolve and advance our ESG program and have become a leader in our industry as a result,” said Harris. “In addition to setting meaningful targets, we take great pride in transparent reporting and showing our progress each year. This is our 16th consecutive year of CDP climate reporting and we continue raising the bar for ourselves. I’m thankful to everyone who has helped us on our journey so far and to those helping us achieve even more as we stretch to become a better company.”
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.
Source: Devon Energy